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Due to the increasing role of digital payments, demand for commercial bank money and nonbank money is expanding, while that for physical cash is sharply diminishing. The retail central bank digital currency (CBDC) is considered the only safe alternative to compensate for this decrease, as a public good complementary to cash that can be used by the general public. It is seen also as a response to the surge of private digital currencies, which could threaten national monetary sovereignty. Complementarily, in parallel to the retail public digital currency, wholesale CBDC targets large-value interbank transactions, limited to selected financial institutions, focused on efficiency, security and lowering transactions costs for cross-border transactions. Based on the extensive literature review and a qualitative synthesis, the present paper has as a key objective the interpretation of the main approaches to the retail CBDC adoption, justified by specific motivations. The research question is "in which circumstances should a retail CBDC be adopted?". The historical perspective of failed projects, combined with current experiences, offers a clear overview of the CBDC as a potential dominant currency of the digital economy, but in the presence of a cautious approach. [ABSTRACT FROM AUTHOR]

In 18 chapters with a rich bibliography, the economic historian John Komlos pleads for a more just capitalism (or capitalism with human face) and the new paradigm of humanistic economics. He demonstrates that conventional policies have shown their ineffectiveness, while theoretical models of perfect competition are misleading. The author underlines that differences between humanistic and mainstream economics are considerable and they are evident in various aspects, including markets and the government's role in the economy. With pointed arguments it is illustrated that economic policy is of crucial importance nowadays and its key goal should be people's well-being and not economic growth at all costs. It is all-important to minimize anxiety, inequality, insecurity, pain, poverty, stress, unemployment as well as to maximize ethics, intellectual satisfaction, health, leisure time, social relationships, love, respect, and a moral life. It is emphasized that markets have weaknesses that detract from their ability to increase the prosperity of the population at large. The "high-pressure" "winnertake-all" economy is criticized and the emphasis is put instead on the quality-of-life indicators. The argumentation includes the 2008 financial crisis, the rise of Trumpism and the other populist movements. It is based on examples from the US economy, however the comparative analysis and general postulates are present throughout the entire work. This book is addressed not only to students who must understand the principles of economics, both at micro- and macroeconomic levels, but also to professors, researchers, practitioners of the private sector and policy-makers. [ABSTRACT FROM AUTHOR]

The main objective of this paper focuses on the analysis of the Recovery and Resilience Facility from the standpoint of general priorities and risks associated to less funds available for the Member States which are not able to accomplish some of their assumed milestones and targets. High shares of the total value of National Recovery and Resilience Plans are foreseen for the green and digital transitions. Health, education and social sectors, together with institutional development are also taken into account, however these are incomparably lower funded. In the literature are criticized, among others, the strings attached to the disbursements, neglect of social implications, uneven regional distribution, difficulty to implement judicial or pension reform. Changes of the initial plans have been possible, as several countries have already submitted substantially changed plans, in terms of amounts, and/or targets. The European Commission has endorsed them, based on justified "objective circumstances". In spite of all risks and weaknesses, the NRRPs prompt economic recovery and reforms in the EU Member States, in line with the EU's goals and objectives. [ABSTRACT FROM AUTHOR]

Achieving the ambitious climate goals established on the international agenda for boosting sustainable development involves significant financial resources. Therefore, the funds allocated by the financial system for green investments should increase globally. Against this backdrop our paper investigates the role of multilateral development banks in promoting green finance, with focus on Romania. The research results underline their engagement to combat climate change and to support sustainable development. The European Investment Bank, The European Bank for Reconstruction and Development and the International Finance Corporation have major contributions in financing green projects in Romania in areas such as energy efficiency, green building, clean transportation, sustainable agriculture. To this end they established some partnerships with Romanian financial institutions, granted financing facilities, invested in the green bonds issued by local banks, provided technical assistance. However, our main finding shows that green finance in Romania is still limited, requiring increased commitments in this area, including from multilateral development banks. [ABSTRACT FROM AUTHOR]

This paper underscores the dynamic and complex context of international payments, with the aim to identify specific forces, risks and challenges behind current megatrends. It underlines also the opposite tendencies of fragmentation and concentration within the international payments system. Fragmentation is due to three main categories of factors: differences in regulation, difficulties of interoperability and lack of common standards; variety of participants, with different objectives and goals; geopolitical tensions, which may lead to the emergence of parallel payment systems, which do not interact with each other. Concentration within the international payments system is reflected by the market power of specific private actors, especially big technology companies (BigTechs), but also financial technology actors (FinTechs). This concentration is also evidenced by the overwhelming share held by the most used currencies in global payments. Our paper argues that the ideal international payments system should provide fast, cheap, safe, transparent and cyber resilient services. At the same time, financial stability, deterrence of illegal activities and the level playing field should be ensured. The qualitative analysis that is the basis of this paper takes into account multiple perspectives, including demand side, supply side and regulators. [ABSTRACT FROM AUTHOR]

The decrease in physical cash usage, the excessive market power of BigTech companies, the largely unregulated market of crypto assets which poses risks to financial stability, as well as the need for more financial inclusion and for lower-cost crossborder payments are just as many arguments in favour of a central bank digital currency (CBDC). However, there are as many points urging caution. In this context, the purpose of the present paper is to analyse the specificity of the potential digital euro as part of the international payments' architecture. The European Central Bank (ECB) is focusing on the digital euro project, running the investigation phase until October 2023. The debate on the digital euro adoption is in line with the international one, but there are several distinctive aspects. Various scenarios are taken into account, starting from general principles for retail CBDCs, results of the public consultation of a digital euro, experts' opinions regarding privacy, security, usability, costs, offline use, acceptance, potential disintermediation, standards and international implications of the digital euro. The research also outlines the relations between major actors involved, while identifying the prerequisites for a swift functioning of the Eurozone payment system with digital euro at its core. [ABSTRACT FROM AUTHOR]

Reputation is a crucial concern in any market and industry, but even more in the banking sector. Credibility and trust are indispensable factors, as commercial banks operate on the basis of funds attracted from public. The consequences of the global financial crisis triggered in 2007 have strongly affected reputation and trust in banks. Starting from these premises, the purpose of this paper is to investigate the Romanian banks' reputation from the retail customers' perspective. After an in-depth assessment of the reputational dimensions in the banking sector, the paper explores the reputation of the Romanian banking sector starting from the evidence of the National Authority for Consumer Protection and the local media content analysis. It also evaluates the social responsibly practices targeting financial education programs, as a tool to increase banks' reputation. A distinct section is devoted to the examination of banks' response to the COVID-19 pandemic. The conclusion of this research is that customers' satisfaction is a key determinant of banks' reputation in Romania. [ABSTRACT FROM AUTHOR]

Several developing countries have become world leaders in the field of renewable energy, of which China, but also Brazil and India stand out. This research paper focuses on the positions they occupy in the world rankings of hydro, wind, solar and bio energy capacities, as compared to the developed countries. At the same time, the investigation points to specific catalysts or, on the contrary, deterrents of the "green revolution" in the developing world. Hydropower is the most important form of renewable energy in all the three countries included in this evaluation. It is underscored that China is the first one in each of the four world rankings, taking into account the total installed capacity of renewable energy: hydro, wind, solar and bio. It is also the largest investor in renewable energy capacity worldwide. Brazil ranks second as regards hydropower and bioenergy capacities, while India ranks fourth in wind and bioenergy. [ABSTRACT FROM AUTHOR]

Banks’ reputation was severely deteriorated by the global financial crisis as public trust in banks diminished considerably. Based on this background, the goal of this paper is to assess the reputation risk perception from the Romanian banks’ standpoint, with focus on the post-crisis period. In order to achieve this purpose, we have resorted to a survey among the major banks operating in Romania and have investigated the regulatory measures implemented to increase trust in banks. The study results reveal that the importance of the reputation risk has increased over the past ten years and customer satisfaction is a relevant factor for bank reputation. The regulatory measures to enhance financial stability and trust in banks include strengthening capital requirements and macro prudential measures to avoid over-indebtedness of households. [ABSTRACT FROM AUTHOR]

In contrast with countries such as the United States, Japan, India and Australia (the Indo-Pacific Quad), the ASEAN countries are in general in favour of a consolidated cooperation with China in the framework of the BRI. In spite of the territorial disputes with China in the South China Sea, they put first their own economic development and strategic interests, therefore China is a relevant partner for all of them. They have a pro-growth and pro-development agenda and with the exception of Singapore, all of them need additional resources to finance the implementation of their national development and modernisation plans. They follow their national interest and have the ability to negotiate with strong partners, even with China. They support the BRI as a multilateral initiative led by multiple actors, are members of the Asian Infrastructure Investment Bank and are currently negotiating, implementing or supporting projects under the BRI. Bearing in mind these arguments, the present paper has as main goal an overview of China's relations with its ASEAN neighbours under the impact of the BRI. [ABSTRACT FROM AUTHOR]

The major objective of this paper is to re-evaluate the EU-China bilateral relations under the recent Community initiatives and also from the perspective of the visit by the China's President to the EU. The Joint Communication of the European Commission and the High Representative of the Union for Foreign Affairs and Security Policy entitled "EU-China Strategic Perspective" but also the Strategic Dialogue and the Legal Affairs Dialogue of March 2019 identified a set of recommendations for the member states so that their coordinated actions lead to fair, equitable and mutually beneficial relations. In general, most of the old EU member states are the ones who strongly support the Community initiatives in relationship with China, while countries such as Greece, Italy, Portugal and also countries of Central and Eastern Europe rely on cooperation with China not only due to economic reasons, but also motivated by their expected role within the EU. The multiple interpretations of President Xi's visit to the EU highlight the need for unity among member states, but taking into account the benefits of participating in large-scale Chinese initiatives. [ABSTRACT FROM AUTHOR]

China's large-scale initiative BRI announced in 2013 first in Kazakhstan, then in Indonesia, detailed in March 2015 and included in the Chinese constitution in October 2017, has become the most intensely discussed and disputed development project worldwide. In the context of actual power shifts, it has been accompanied by both new narratives and actions of countries worldwide but especially in Asia-Pacific and even by the replacement of this denomination with the concept of "Indo-Pacific", strongly supported by the participants at the Quadrilateral Dialogue (United States-Japan-India-Australia). In only several years, BRI has forged for China solid partnerships with some countries but at the same time it increased the antagonism with others. Taking into account the present context, this paper is focused on finding out how the BRI is influencing the relations between the main actors, situated at the core of global changes. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Global Economics / Revista de Economie Mondială is the property of Institute for World Economy and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

After China and Poland lifted their ties to a strategic partnership in 2011, and in April 2012, the inaugural summit of the 16+1 platform took place in Warsaw, the bilateral relations entered a new phase. In June 2016, the two partners upgraded their relations to a comprehensive strategic partnership during Chinese President Xi Jinping's state visit to Poland. Against the backdrop of the Polish elites' ambition that their country should gain a more prominent role at the regional and even global level, a pragmatic attitude towards China gradually emerged, which created the favourable premises for strengthening bilateral relations. That explained the adoption by Poland of an --open door policy towards China, but taking into account the asymmetries between the two countries in terms of size of their markets, territory, population, as well as the supply and demand capacities. The objectives of this paper are threefold. First, it emphasizes the economic, political and geopolitical arguments on both sides to strengthen the bilateral cooperation. Second, it underscores Poland's economic advantages as compared to the other CEE countries and consequently its attractiveness for Chinese investors. Third it stresses several challenges for the Polish-Chinese strategic partnership, taking into account that very high expectations in 2011-2012 were not materialized and consequently the expectations are gradually diminishing. The paper concludes on an optimistic note that the strategic partnership is still relevant for both sides, as Chinese and Polish development strategies are complementary. [ABSTRACT FROM AUTHOR]

The present paper focuses on four research objectives. First, it reflects how the interactions in the US-EU-China triangle impact on the Sino-EU relations. The renewed evidence of American unilateralism represents the most recent and significant factor influencing the relationship between China and the EU. As emphasized by the Joint Communiqué adopted at the 20th EU-China summit which took place in July 2018, China and the EU are committed to multilateralism. Both sides seem ready to make more concessions now, even if the EU still remains closer to the US than to China due to the complex system of their corresponding political values and economic models. Second, the analysis underlines changes at the level of another recent determinant of Sino-EU relations, namely the 16+1 cooperation framework. Notwithstanding China's endeavours to demonstrate that 16+1 is not against the EU unity and its economic objectives, this framework is still seen as a "divisive" factor. Third, starting from the EU's objective to become a global player and from the evidence that nowadays no entity can have this status in the absence of a strong presence in the Indo-Pacific region, this research briefly emphasizes the actual system of relations in Asia-Pacific under the recent American Indo- Pacific vision. Fourth, the investigation adds a case study and points out various intensities of cooperation with China among the Central and Eastern European (CEE) countries, Hungary revealing the strongest political will to consolidate its ties with China, while Romania maintaining its "wait-and-see" attitude. Given the growing uncertainty surrounding the system of international relations and increasing protectionist trends, the paper concludes that China and the EU benefit from a unique moment, which might be conducive to a deepening of their strategic partnership. [ABSTRACT FROM AUTHOR]

The BRICS alliance has been formally set up in order to fulfill both economic and geostrategic functions. Even if the latter are more significant than the former, the actual BRICS cooperation framework adds value to the theoretical concept of partnerships for economic development. The group includes four of the largest emerging economies worldwide therefore an analysis of the BRICS from the perspective of quantitative and qualitative indicators is useful at a time when traditional sources of economic growth are not taken for granted any more. The main objective of the present paper is to capture BRICS' shares in world gross product, trade and investment flows and also the strengths and weaknesses of the five emerging economies from the standpoint of specific indicators. [ABSTRACT FROM AUTHOR]

The present paper has three main research objectives. First, we define a country's image through its principal dimensions, channels of communication (including the Public Diplomacy) and impact on the international relations framework. Second, we underline the specific determinants of China's image worldwide. The literature review emphasizes this country's distinctive "assets and liabilities", taking into account the role played by the political system in the Chinese economy, external factors, associated with the generally accepted norms and values, the geographical distance that hinders the direct contact and mutual understanding. Third, on the basis of recent studies, we analyze how China is perceived in different regions/countries and demonstrate that the economic rationale of international relations is stronger than that induced by a partner country's image. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Global Economics / Revista de Economie Mondială is the property of Institute for World Economy and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The present paper has three main objectives. The first one is to emphasize the rationale for creating the 16+1 platform. The second goal is to underline the evolution of the common targets of the participants, through the lens of the five summits that took place during 2012-2016. The third objective is to highlight the heterogeneity of the CEE-16 and China's need to set specific targets, according to the characteristics and opportunities offered by each country. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Global Economics / Revista de Economie Mondială is the property of Institute for World Economy and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In this paper we bring to the forefront the complexity of the networked relationships in the Indo- Asia-Pacific space and their multi-layered structure (including economy, development, culture, security, defence, history, diplomacy). In spite of the dynamism and deep transformations of the Asian economies during the last decades, the US has only recently started to rebalance towards this region. Among the determinants of the new strategy there could be identified: tapping the economic potential of the region; countering the rise of China and counterbalancing regional alliances; redefining norms and rules in Asia-Pacific. From the variable geometry alliances in Asia- Pacific, we analyze two case studies, US-China-India and US-China-ASEAN and underline that: (1) not only the US, but also other stakeholders such as India are rebalancing towards Asia- Pacific; (2) the new strategy reflects two contradictory objectives of the US foreign policy: a constructive relationship with China, on the one hand and strengthening alliances to the detriment of China in order to counter its rise, on the other hand. In our view, until the US presidential elections are not expected major foreign policy changes, nevertheless starting with 2017 the "pivot" towards Asia-Pacific might become even more evident. [ABSTRACT FROM AUTHOR]

The main objective of the present paper is to evaluate the determinants of the actual economic situation in the BRICS countries and the major drivers of their economic growth in the long run. On account of the global uncertainties and since the economies worldwide are unlikely to come back to growth rates similar to those preceding the crisis, the BRICS countries have to adapt at these new realities. In spite of many differences as regards their assets, these economies have multiple common characteristics. Besides, some recent initiatives, such as setting up the Asian Infrastructure Investment Bank (AIIB) and the BRICS Bank and reactivation of the Silk Road, attest the determination of these countries to reshape the global economic architecture according to their own needs. [ABSTRACT FROM AUTHOR]

Romania and China have established diplomatic relations 65 years ago and have a long track of fruitful economic, technologic, scientific and cultural exchanges and cooperation experiences all along this time lapse. During the last few decades they both have undergone major transformations, having, on the one hand, their economic fundamentals substantially changed, and, on the other hand, facing a new international environment, in which their positioning, relations, alliances and integration into the world economy are substantially different. The present paper looks at this bilateral relationship against the backdrop of both the new 16+1 platform and the larger EU-China relations, trying to identify the comparative advantages, complementarities and commonalities which could create the premises for a new, reinforced China-Romania trade and investment relationship. The focus lays on analyzing the bilateral trade, both in terms of volumes and structure, as well as on dissecting the Chinese investment presence in Romania as compared to that in other CEE countries, leading to the conclusion that there is a lot of untapped potential, but also a favourable context to change this state of facts. [ABSTRACT FROM AUTHOR]

During the recent years, a number of EU internal and external factors, associated with a threefold failure - that of markets, institutions and economic governance - have contributed to heightened risks, uncertainties and vulnerabilities and thus the propagation of long-lasting tensions inside the EU and also in its relationship with first-rate partners. Taking into account that chronic deficiencies in governance reside in non-observance of the spirit of the clauses included in treaties and these generate a reality of the European integration more committed to solving the current issues - and, consequently, the loss of the compass of the European political project - than implementation of a strategic vision, the present paper has three major objectives. The first one is given by outlining the principles of resetting the strategic vision of the EU, in the actual global and European context. The second one is attached to identifying the determinants leading to resetting the EU strategic vision. The third one resides in emphasizing possible ways in which the EU strategic thinking can be readjusted by taking into consideration Romania's national interests, given that our country is preparing to take over the rotating Presidency of the EU Council in 2019. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Global Economics / Revista de Economie Mondială is the property of Institute for World Economy and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The purpose of this paper is threefold. First, we review the mechanisms and determinants of vertical specialization (VS), as this has gradually become the dominant characteristic of international trade. Second, we underline that there is a rich literature regarding VS in EU trade, at aggregate and individual levels and research is advancing together with the instruments used to measure trade in value added. Third, our investigation brings to the forefront a classification of EU countries according to their GVC participation index, taking into consideration both upstream and downstream links. As a conclusion, the VS analyses help us better understand the interconnectedness among countries and industries by means of foreign direct investment, trade, labour migration and technology transfer. [ABSTRACT FROM AUTHOR]

In the present paper, we examine the larger context of China's "going out" approach and its policy towards CEE-16. We analyze also the distribution, structure and trends of the Chinese ODI in five CEE countries, correlated with its investment projects, motivations and constraints. In the final part of the paper we bring to the forefront Romania as a destination for Chinese ODI, providing an analysis of the Chinese investment evolution, their specific features, weaknesses, accomplishments and prospects of further development. The structure of our research is determined by its four main objectives: to generate an overview of the Chinese ODI, to underscore the new cooperation framework between China and CEE-16, to analyze the Chinese ODI in CEE-5 and appraise the untapped potential of its relationship with Romania. Consequently, the paper is structured in four main sections, preceded by an introduction and concluding with a review of the main results. [ABSTRACT FROM AUTHOR]

Copyright of Quality of Life (1018-0389) / Calitatea Vietii is the property of Romanian Academy Publishing House / Editura Academiei Romane and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Journal of Global Economics / Revista de Economie Mondială is the property of Institute for World Economy and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The Eastern Partnership, encompassing EU's relations with Armenia, Azerbaijan, Belarus, Georgia, Republic of Moldova and Ukraine, was launched in May 2009 as an "eastern dimension" of the European Neighbourhood Policy. Its declared objective is supporting the reform process in the six former Soviet republics on their way towards the market economy and their gradual integration into the EU economy. The Union's goal, to consolidate a "stable, secure and prosperous area" at its eastern borders, is opposite to the efforts undertaken by the Russian Federation, in order to maintain its territorial dominance. On the one side, the EU is trying to push as eastern as possible the delineation of spheres of influence in the region, while on the other side, Russia has in view the reentrance of the ex-Soviet republics in its own sphere of influence, as it managed to do with Belarus and Armenia. The third Eastern Partnership summit marked an obvious defeat of the EU in relationship with Russia, by the suspension of the preparations for signing the Association Agreement by Ukraine and, simultaneously, a new stage of Russia's relations with the EU and US. The US entered with full force in the "geopolitical game" between the EU and Russia, trying to consolidate its military presence in the Black Sea and promote the shale gas exploration on an area as large as possible in Europe. How realistic are the US's ambitions in the field of energy, let us see in the following years. Nevertheless, it is evident that the Ukrainian crisis deepened step by step during the last months, and the tensions on the two sides of the Russia - EU - USA triangle intensified. In the present paper, we intend to outline the deep significations of the Eastern Partnership, resorting to some statistical evidences, demonstrating that, in the actual context, the easing of the tensions in the EU and US' relationship with the Russian Federation is not foreseeable in the near future. [ABSTRACT FROM AUTHOR]

The steady spread of preferential trade agreements is not a new phenomenon in the multilateral trading system. Striking is, however, the outstanding dynamics of the new bilateral and regional initiatives among the traditional trading powers - the EU, U.S. and Japan - in the most recent period. Our paper aims to address these new deals, as illustrated by the current negotiations for a deep and comprehensive Free Trade Agreement (FTA) between the EU and Japan launched in March 2013. It sheds light on the main factors behind the unabated march towards FTAs and reveals some of its effects on both bilateral trade relations and the multilateral trading system. It argues that the fast move towards FTAs should be seen as a means of rapid market opening within the broader context of reforming the very fundamentals of the major trading powers' economic and trade policies in response to the consequences of the financial crisis. [ABSTRACT FROM AUTHOR]

The main objective of the present paper is to identify the most relevant features and developments of the trade in goods between Romania and China between 2000 and 2012, drawing upon the statistical data provided by the Romanian Ministry of Economy and the National Institute of Statistics. *The result of our analysis shows that, although the Romanian and Chinese economies reveal complementarities able to generate considerable opportunities for trade, the bilateral trade relations could not be developed yet to their full potential. The Chinese-Romanian trade in goods kept rising during the last decade, reaching a record high in 2011 in spite of the economic crisis, but its overall level remains low. Exports and imports are still unbalanced and goods are often channeled through intermediary countries because direct connections between Romanian and Chinese companies are still poor. Also, the trade structure had an unfavorable evolution from Romania's standpoint. Nevertheless, the outlook is encouraging, considering the new opportunities created by the Chinese leadership decisions to more intensely foster and stimulate economic cooperation with Central and Eastern European countries in future years. [ABSTRACT FROM AUTHOR]

The present paper captures several dominant trends of the FDI flows worldwide, which became obvious in the last two decades and more and more evident in recent years. Our analysis brings to the forefront the global investment environment, characterized by an increasing complexity through deepening interdependencies between the economies of the world, transformation of TNCs in actors having the force and influence of a nation-state, exacerbation of the role of the tax havens and the intensification of speculative activities on a large scale. These determinants are interrelated with the opacity of the financial system and the often unpredictable nature of the economic actors' behaviour, interlinked with the psychological factor, which by its own nature is unforeseeable. The incessant metamorphoses of the world economy in general and in particular of investment flows are accompanied by a series of implications for all countries of the world, the more the competition between them intensifies, in order to attract and promote FDI. Thus, new guidelines are needed for investment policy, both worldwide and in the EU. This research topic is more significant than ever, since these flows encompass and reflect so clearly the fact that the international financial system "is no longer subordinated to the real economy, but to its own principles, of Ponzi or Casino-type". [ABSTRACT FROM AUTHOR]

The article discusses the strategic partnerships between the European Union (EU) and BRIC countries made up of Brazil, Russia, India and China. It emphasizes the economic pillar of EU-BRIC cooperation framework and analyzes the BRIC mechanism. It presents the particularities of the relationships between EU and each BRIC country and highlights that EU is the main investor in Brazil and Russia, Mauritius the major investor in India and Hong Kong-China as the relevant investor in China.