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The profound negative effects of the current pandemic crisis on firms, especially small and medium-sized ones, have forced them to rethink their business models. In order to survive and compete, many businesses have focused on adopting and using digital technologies. Several studies have shown that digital technologies could facilitate business continuity and increase their resilience to shocks. Starting from the fact that SMEs are an important source of innovation and the predominant form of business organization, the European Commission has repeatedly emphasized the importance of digital business transformation and the need to support the digitalisation of SMEs. Our study aims to analyse the degree of digitalisation of SMEs in EU countries and the obstacles they face in digitizing their business. In addition, we aim to examine the extent to which the use of various forms of digital technology could stimulate the growth of SME performance. The analysis covers the 27 EU member states and is mainly based on data provided by the European Commission and the OECD, as well as information provided by European Investment Bank surveys. Our paper complements the literature focused on the digitization of SMEs, especially by highlighting the gaps between EU countries in terms of digitization of the SME sector, but also by empirically examining the impact of digital technologies on the performance of SMEs in EU countries. Through its content, our study emphasizes the crucial importance of digitizing SMEs so that these companies are drivers of economic growth and development of countries. The results of our research may be of interest to both researchers concerned with business digitalisation and decision-makers at various levels, who should prioritize the identification of appropriate measures to stimulate digital innovation and investment in information and communication technology infrastructure.

Entrepreneurship is recognized as one of the factors stimulating economic growth and increasing economic competitiveness. In addition, the Europe 2020 Strategy has focused its attention on entrepreneurship as a key factor of economic growth, social progress, and employment. In this context, our study examines the role of entrepreneurial performance for sustaining the development of countries, focusing on a sample of European countries. We attempt to reveal if increasing entrepreneurial performance would have significant influence on improving the economic position of countries and their future economic development. Starting from the OECD-Eurostat Entrepreneurship Indicators Programme we use a set of entrepreneurial performance indicators as independent variables and examine to what extent they can influence competitiveness and economic growth, seen as dependent variables of the models. We focus on a period of 10 years (2008–2017) and we apply panel-data estimation techniques. Because the period considered includes the period of the last international financial crisis, we also include in our analysis a dummy variable. Our results emphasize that the changes in entrepreneurial performance play a significant role in enhancing national competitiveness and economic growth. Our findings contribute to the expansion of literature in the field by providing evidence on the correlation of indicators that measure entrepreneurial performance with national competitiveness and economic growth. Moreover, our findings point out the need of the policy makers to adopt measures and policies that help and stimulate entrepreneurs to become more performant because they can generate positive effects to the economy as a whole. [ABSTRACT FROM AUTHOR]

The European integration process has a direct impact on all the components of the macroeconomic environment. The existence of a well functioning and sound banking sector becomes of great importance for the integration process as the European Union economy is financed especially through this channel. The banking sectors of the new EU member countries have undergone through tremendous changes in the last decade, both from an ownership and also from a business strategy point of view, these changes having a direct impact on their financial soundness. Thus, the aim of our research is to empirically examine the financial soundness of the banks operating in Bulgaria, Czech Republic and Romania, three EU members countries from Central and Eastern Europe (CEE-3). In order to achieve this we have employed a combine quantitative analysis based on the CAMELS framework (namely Capital Adequacy, Asset quality, Management soundness, Earnings, Liquidity, Sensitivity to market risk) and the Z-score, thus being able to underline simultaneously the financial soundness and the possibility of default for the banks from our sample. The analysed period is 2004-2011 providing us with an evaluation of the impact that the EU ascension and also the global financial crisis had on the financial soundness of the analysed banks. Our sample is composed from 40 commercial banks that operate in Bulgaria, the Czech Republic and Romania, that overall own over 75% of the total banking assets, making this study one of the most comprehensive undertaken to this date. The data that we have employed in our research is obtained from the Bureau Van Dijk Bankscope database and the annual financial statements of the banks from our sample. The paper through its original dual approach contributes to the academic debate by providing not only insight into the financial soundness of the banks operating in the CEE-3 countries but also underling their financial strength through the usage of the Z-score. Thus, the topic of the paper is focused on a subject of great importance for the European integration process.

In recent years, most countries in Central and Eastern Europe, Member States of the EU, that we selected for the analysis (Bulgaria, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania) have recorded a significant expansion of lending in foreign currency, which was one of the major factors of the accelerated growth of loans to economy. Such developments have led to an increase of indebtedness in foreign currency of the non-financial private sector, especially of the households and of the accumulation of major macroeconomics and financial imbalances. The issue of lending in foreign currency, the determinants of increasing the share of loans in foreign currency and the risks generated at the level of financial stability are the subject of numerous studies, including: Basso, Calvo-Gonzales and Jurgilas (2007); Rosenberg and Tirpak (2008); Csajbók-Andras et al. (2010); Zettelmeyer, Nagy and Jeffrey (2010). Another significant issue addressed in the specialized literature regarding foreign currency loans refers to the role of monetary policy in limiting growth of these loans. Thus, in addition to those noted studies we remark other studies, such as: Kiss et al. (2006); Sirtaine and Skamnelos (2007); Hilbers et al. (2006); Brzoza-Brzezina et al. (2010). Our paper complements the specialized literature on the approached subject, in particular, by highlighting and discussing current issues of high interest for policymakers, both at national and European level regarding lending in foreign currency. The extremely negative implications of lending in foreign currency on financial stability in most countries under review, outlined clearly in the context of the current crisis, determined the focus of the policymakers concern, both at European and national level, regarding the issue of foreign currency loans, which became one of the most discussed issues on the agenda of the monetary-financial authorities. The aim of our research is to comparatively underline, based on the example of the panel countries, a few stylized facts about lending in foreign currency, and also the main factors which determined the growing share of loans in foreign currency, the risks for financial stability generated by the loans denominated in foreign currencies and the challenges that arise for the monetary-financial authorities, both at national and European level, in the current context and in the post crisis period. The methodology used in our paper starts with an extensive literature review in order to underline the importance of the research theme approached. The analysis is based on information and statistical data provided mainly by the official statistics of the ECB, IMF, EBRD, Raiffeisen Research, different reports, studies and researches. Through the content of our research we want to underline the crucial importance of a rigorous monitoring of the foreign lending activities undertaken by the central banks and the supervisory authorities in order to limit the risks and to ensure the financial stability at EU level.

Through their contribution to the creation of added value and new jobs, the small and medium enterprises (SMEs) have a significant role in the economic and social development of a country. However, these enterprises are facing numerous obstacles that limit their performance, growth and development. Among the difficulties faced by SMEs, the access to finance is often reported as a major obstacle to the deployment and expansion of their activity. The access to finance is crucial for efficient allocation of financial resources and entrepreneurial development, which explains the major interest given to this subject both by the academic literature and the policy makers. The paper aims to highlight the difficulties faced by SMEs in securing financing resources, emphasizing the differences between countries and also between SMEs and large enterprises. Knowing the difficulties in SMEs financing is essential for policy makers in order to design and implement appropriate measures, which will help to improve the access to financing for these enterprises. Thus, another issue addressed, synthetically, in this paper aims the measures taken by public authorities in order to support the access to financing for SMEs. The research methodology used in this paper starts with a literature review in order to highlight the importance of the subject addressed in our research. The analysis conducted in this paper is based on data and statistics provided mainly by the World Bank surveys, by certain empirical studies and by the National Council of Small and Medium Sized Private Enterprises in Romania. Based on the methodology used, the paper indicates the difficulties in SMEs financing and the crucial importance of enhancing the public authorities concerns regarding their alleviation, especially by adopting measures focused on increasing financial development, which would ensure greater availability of financing for businesses and thus economic growth. The limited availability and even lack of statistical data regarding the SMEs financing situation from various countries, including Romania, impose certain limits to the researches in the field, which can be overcome as policy makers realize the vital importance of developing and monitoring specific indicators regarding the financing of this type of enterprises, such as the share of loans granted to SMEs, based on their size, experience and sectors of activity, that would be useful for public authorities, creditors and investors.

The process of transmitting monetary policy impulses to the real economy presents o series of particularities from one country to another, mainly because of the diversity of financial systems. Thereby, the functionality of various monetary policy transmission channels is significantly influenced by the specific features of each country's financial system. The objective of this paper is to highlight some of the key features of the monetary policy transmission mechanism in Romania, taking into consideration the dominant role of the banking sector in the national financial system.

The increase in [O.sub.2] tension after birth is a major factor stimulating ductus arteriosus (DA) constriction and closure. Here we studied the role of the mitochondrial electron transport chain (ETC) as sensor, [H.sub.2][O.sub.2] as mediator, and voltage-gated potassium ([K.sub.v]) channels and Rho kinase as effectors of [O.sub.2]-induced contraction in the chicken DA during fetal development. Switching from 0% to 21% [O.sub.2] contracted the pulmonary side of the mature DA (mature pDA) but had no effect in immature pDA and relaxed the aortic side of the mature DA (mature aDA). This contraction of the pDA was attenuated by inhibitors of the mitochondrial ETC and by the [H.sub.2][O.sub.2] scavenger polyethylene glycol (PEG)-catalase. Moreover, [O.sub.2] increased reactive oxygen species (ROS) production, measured with the fluorescent probes dihydroethidium and 2',7'-dichlorofluorescein, only in mature pDA. The [H.sub.2][O.sub.2] analog t-butyl-hydroperoxide mimicked the responses to 02 in the three vessels. In contrast to immature pDA cells, mature pDA cells exhibited high-amplitude [O.sub.2]-sensitive potassium currents. The Kv channel blocker 4-aminopyridine prevented the current inhibition elicited by [O.sub.2]. The L-type [Ca.sup.2+] ([Ca.sub.L]) channel blocker nifedipine and the Rho kinase inhibitors Y-27632 and hydroxyfasudil induced a similar relaxation when mature pDA were stimulated with [O.sub.2] or [H.sub.2][O.sub.2]. Moreover, the sensitivity to these drugs increased with maturation. Our results indicate the presence of a common mechanism for [O.sub.2] sensing/signaling in mammalian and nonmammalian DA and favor the idea that, rather than a single mechanism, a parallel maturation of the sensor and effectors is critical for [O.sub.2] sensitivity appearance during development. oxygen sensing; potassium channels; hydrogen peroxide doi:10.1152/ajplung.00092.2009.

The economic situation determined by the effects of the financial crisis in 2008-2010 has determined the governments of the countries worldwide to take into account the implementation of New Public Management (NPM). Even if for many years the proponents of this concept pointed out its ability to improve the public administration performance, most of the studies on this subject highlight the features regarding the quintessence of the concept and theoretical backgrounds with some anecdotal evidence and insights, by using different indicators to measure the results. This study provides a more comprehensive and metaanalytical analysis of EU countries' public sector performance and tests the long-term implications and specific context of the economic cycle. By using factor analysis, we summarize the opportunity indicators and Musgrave standard indicators and we calculate the public performance index during the period 2000- 2014. The need for an innovative and performant public sector is generally recognized. The empirical results show that EU countries have some uninspired mechanisms to conduct the reform in the public sector and show preference for pro-cyclical policies; consequently, the wagering political stakes hamper the implementation of NPM-related mechanisms and result in poor performance at the EU level. The study reveals the limitation of the proactive governments in 2009, when the financial crisis worsened and only a few governments showed a positive directional indicator of public performance (Malta, Poland and Luxemburg, with very low results). [ABSTRACT FROM AUTHOR]

The significant role played by youth entrepreneurship for the economic growth of countries has shift the attention of researchers to the potential entrepreneurs, and how to stimulate the enter on the market of new and innovative individuals which might have positive effects on economic development. The present research is conducted to identify the influence of some characteristics of business environment and of access to financial resources on entrepreneurial intentions of faculty students from one of the largest universities of Romania. We conducted the study on a sample of undergraduate and master students, by applying a questionnaire. The main objectives of this paper are to analyze how the young potential entrepreneurs perceive the access to finance for start-ups and if this factor would be a significant predictor of the decision to become entrepreneurs of the students. In addition, our study discusses how policy makers could provide support for young people to create innovative businesses, from a financial perspective. Our findings show a high level of entrepreneurial intentions among the interviewed students, but also that easy access to financial resources is the most important obstacle identified by the students with entrepreneurial intentions. Young entrepreneurs encounter significant obstacles in trying to obtain the necessary financial resources, because they do not have a market history or sufficient guarantees. Access to information and fewer business regulations were also identified as factors with a significant contribution on entrepreneurial orientation of youth. The implications of the study are significant for potential policy intervention, because emphasize the need of the policy makers to stimulate young entrepreneurs by promoting policies that allow young entrepreneurs greater access to finance. [ABSTRACT FROM AUTHOR]