Paolo Emilio Mistrulli
Full Text Available After the launch of the single European currency banks of the main euro-area countries have increasingly issued bonds on the Euromarket. In this paper, I investigate the determinants of Italian banks' recourse to international capital markets. I find that, other things being equal, domestic market conditions affect the choice whether to issue Eurobonds. In particular, the econometric analysis highlights that those banks, which are more prone to issue bonds on the Euromarket, are more exposed to liquidity risks and are less specialized in raising deposits on specific domestic submarkets.
Roxana Elena Lazăr
Full Text Available The evolution of the European policy in the field of research, development, innovation reflects the maturity process of the European construction, through the very understanding of the particular role of knowledge in economy. An important aspect is the connection with the acknowledgment of the professional’s diplomas, which is based on the principle of automatism, on the mutual trust of the Member States in the qualifications obtained within the territory of any of them, on the tradition regarding the existence of a democratic and elitist education system. The improvement of the quality of education and the avoidance of sideslips are required. For the existence of a functional Euro-market in the field of research, development,innovation the differences between the European Union Member States have to be reduced, before attempting to catch up with the United States of America, Japan or China. Because knowledge is the inexhaustible resource of mankind in general, of the European Union, in particular, we should talk about a Union of Research, as we talk about the Monetary Union, for example. The strategy of economic growth in Romania was based on encouraging the consumers to spend money, but they didn’t consider a coherent policy based on innovations.