Institutii Financiare Internationale v3.3

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    Institu ii Financiare Internaionale

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    Instituii Financiare

    InstituiiFinanciarePUBLICE

    InstituiiFinanciarePRIVATE

    I. Instituii financiare Internaionale:-Fondul Monetar Internaional;-Banca Mondial (IBRD, IDA, IFC, IMGA);

    -EBRD;-European Investment Bank;-Bank for International Settlements;

    II. Instituii Guvernamentale:-Export Credit Agencies;-Export Guarantee Credit Agencies;-Export Insurance Agencies;

    III. Instituii cu depozite:-Commercial Banks;-Savings and Loans Associations;-Mutual Savings Banks;-Credit Unions.

    IV. Instituii fr depozite:-Investment Banks;-Mutual Funds;

    -Pension Funds;-Insurance Companies;-Financing Companies;-Venture Capital;-Stock Markets Brokers and Dealers.

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    Grupul Bncii Mondiale

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    Grupul Bncii Mondiale

    The World Bank is a vital source of financial and technical assistance todeveloping countries around the world .

    WBG includes two international financial institutions owned by 184 member

    countries the International Bank for Reconstruction and Development

    (IBRD) and the International Development Association (IDA).

    The IBRD focuses on middle income and creditworthy poor countries ;

    IDA focuses on the poorest countries in the world .

    Together we provide low-interest loans, interest-free credit and grants to

    developing countries for education, health, infrastructure,

    communications and many other purposes .

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    Organizarea Bncii Mondiale The World Bank is like a cooperative, where its 184 member countries are

    shareholders.

    The shareholders are represented by a Board of Governors , who are theultimate policy makers at the World Bank. Generally, the governors are membercountries' ministers of finance or ministers of development . They meetonce a year at the Annual Meetings of the Boards of Governors of the

    World Bank Group and the International Monetary Fund . Because the governors only meet annually, they delegate specific duties to 24

    Executive Directors , who work on-site at the bank. The five largest shareholders,France, Germany, Japan, the United Kingdom and the United Statesappoint an executive director, while other member countries are represented by 19

    executive directors . The World Bank operates day-to-day under the leadership and direction of the

    president, management and senior staff , and the vice presidents in chargeof regions, sectors, networks and functions . Vice Presidents are the principalmanagers at the World Bank.

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    Banca Mondial n Romnia

    Health Sector Reform 2 ProjectThe Second Romania Health Sector Reform Project provides moreaccessible services, o f increased quality and with improved healthoutcomes for those requiring maternity and newborn care, emergencymedical care, and rural primary health care.

    Approval Date 16-DEC-2004Closing Date 31-DEC-2009Total Project Cost ** 206.49Region Europe And Central AsiaMajor Sector (Sector) (%) Health and other social services (Health) (96%)

    Law and justice and public administration (Centralgovernment administration) (3%)Law and justice and public administration (Sub-nationalgovernment administration) (1%)

    Old Major Sector N/AOld Sector N/AEnvironmental Category BBank Team Lead Haazen, Dominic S.Borrower MINISTRY OF PUBLIC FINANCEImplementing Agency MINISTRY OF HEALTH

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    Banca Mondial n Romnia

    Transport Restructuring ProjectThe Government of Romania has defined a strategy for the transportsector that is primarily aimed at improving the efficiency of the railways androad sectors, and thereby reducing the overall costs of transportation.

    Approval Date 16-NOV-2004Closing Date 31-JUL-2009Total Project Cost ** 377.9Region Europe And Central AsiaMajor Sector (Sector) (%) Transportation (Roads and highways) (67%)

    Transportation (Railways) (33%)Old Major Sector N/A

    Old Sector N/AEnvironmental Category ABank Team Lead Kerali, Henry G. R.Borrower MINISTRY OF PUBLIC WORKS AND TRANSPORTImplementing Agency NAT'L ADM OF ROADS AND STATE RAILWAYS CFR-INFRA

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    Banca Mondial n Romnia

    Electricity Market ProjectThe development objective of the Electricity Market Project for Romania is todevelop a well-functioning wholesale electricity market with the aim of: (a) puttingin place a transparent and predictable commercial and regulatory framework and apower exchange that will facilitate electricity trading within a competitive national,regional and eventually European market; and (b) improving the efficiency and

    reliability of the transmission system in order to support trading and supplyelectricity.Approval Date 12-JUN-2003

    Closing Date 30-JUN-2008

    Total Project Cost ** 113.6Region Europe And Central Asia

    Major Sector (Sector) (%) Energy and mining (Power) (100%)Old Major Sector N/A

    Old Sector N/A

    Environmental Category BBank Team Lead Visa, Doina

    Borrower TRANSELECTRICA

    Implementing Agency TRANSELECTRICA, ANRE, OPCOM

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    Banca Mondial n Romnia

    Energy Community of South East Europe ProjectA strategy paper for energy trade in South East Europe outlines the Bank'svision for regional energy market development, and defines its role insupporting the evolution of regional energy trade. The frameworkelaborates the Bank's role in supporting policy reform, institutional

    development, and lending for power generation, transmission, distribution.Approval Date 27-JAN-2005Closing Date 30-JUN-2010

    Total Project Cost ** 112.3Region Europe And Central AsiaMajor Sector (Sector) (%) Energy and mining (Power) (100%)

    Old Major Sector N/AOld Sector N/AEnvironmental Category FBank Team Lead Nyman, Kari J.

    Borrower COUNTRIES OF SOUTH EAST EUROPEImplementing Agency UTILITIES IN SOUTH EAST EUROPE

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    Banca European pentruReconstrucie i Dezvoltare

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    BERD The European Bank for Reconstruction and Development was established in 1991 ;

    The initial objective: to provide support for private sector in the former communist countries ;

    Today the EBRD uses the tools of investment to help build market economies anddemocracies in 27 countries from central Europe to central Asia .

    The EBRD is the largest single investor in the region and mobilizes significantforeign direct investment beyond its own financing.

    It also works with publicly owned companies, to support privatization,restructuring state-owned firms and improvement of municipal services .

    It is owned by 60 countries and two intergovernmental institutions (EU

    and EIB) .

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    BERD EBRD investment objectives:

    Help move a country closer to a full market economy: the transitionimpact

    Take risk that supports private investors Apply sound banking principles

    EBRD promotes: Structural and sectorial reforms Competition, privatization and entrepreneurship Stronger financial institutions and legal systems Infrastructure development needed to support the private sector Adoption of strong corporate governance, including environmental

    sensitivity Co-financing and foreign direct investment Mobilizing domestic capital Providing technical assistance

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    Organizare BERD

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    BERD - Istoric 1989 October - President Franois Mitterrand of France proposes to the

    European Parliament the creation of a bank for eastern Europe.

    1990 January - Negotiations on establishing the EBRD begin in Paris.

    1990 May - Agreement Establishing the Bank signed in Paris.

    1991 April - Inauguration of the EBRD in London attended by Governors

    representing the 41 initial members of the Bank. 1991 June - First project approved in the state sector - for Bank of Poznan in

    Poland.

    1992 December - The 12 newly independent states of the former SovietUnion and Slovenia complete EBRD membership procedures.

    1993 July - Russia Small Business Fund is launched to support small andmedium-sized enterprises.

    1995 October - EBRD participates in the first joint mission by internationalfinancial institutions to Bosnia and Herzegovina.

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    BERD - Istoric 1999 September - In the wake of the Kosovo conflict, the EBRD launches the South Eastern Europe

    Action Plan to promote investment and assist economic recovery in the region.

    2000 July - EBRD publishes new Public Information Policy (underscores the Banks commitment toenhance the transparency of its activities and promote good governance).

    2002 June Three draft papers are published proposing improvements to the Bank's transparency,accountability and good governance: Public Information Policy review , Environmental Policy review

    and the Independent Recourse Mechanism . 2003 April A new Environmental policy is approved. It sets parametres for reviewing community

    issues, such as the impact of EBRD investments on local communities and their cultural heritage.

    2004 June - The 'Early Transition Countries ' initiative is launched to support investment in the Bank'sseven poorest countries of operation.

    2004 July - The Independent Recourse Mechanism is launched, providing local groups with a means of raising a complaint about a Bank-financed project. President Jean Lemierre begins second four-year term of office.

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    BERD The EBRD is the largest investor in Romania with commitments exceeding

    2.5 billion .

    Romania is the third-largest recipient of EBRD funding.

    The Bank's Romanian portfolio is rapidly expanding in areas such as privatesector investment , financial sector development , critical infrastructure

    such as power, transport and municipal infrastructure and large-scaleprivatization with strategic investors .

    EBRD is encouraging the private financing of infrastructure throughconcessions and build, operate, transfer (BOT) schemes

    The Bank is also actively supporting the development of the non-bankingfinancial sector by promoting investments in leasing and insurancecompanies and in equity, mortgage and pension funds .

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    BERD - Angajamente

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    BERD Proiecte n Romnia Supporting the privatization of Romanias largest bank Romanian Commercial Bank (In

    2003 the EBRD agreed to buy a 25 per cent stake in BCR together with the IFC for a combinedinvestment of 176 million );

    Successful privatisation for Petrom, Romanias oil company: - in 2002, EBRD arranged asyndicated US$ 150 million pre-privatisation corporate loan to SNP Petrom, the Banks largestnon-sovereign long-term syndicated loan to a state-owned company in Romania at the time.

    Providing funds for a barge terminal in the Port of Constanta: - In September 2004, theBank granted a

    16 million non sovereign loan to the Administration of Constanta Port to finance

    a new barge terminal in what has been the first non sovereign guaranteed loan by the Bank for astate owned company in the RomanianTransport sector.

    Transelectrica - Regional Transmission Line Project: - in December 2004 the Bank signed a23.2 million loan with Transelectrica in order to finance: (i) the Romanian part of a 110kmtransmission line between Oradea (Romania) and Bekescsaba (Hungary), and (ii) the construction of a 400kV substation at Nadab along the route of the line.

    Banca Transilvania: - BT managed to implement the Mortgage Loan of 10 million in a shortperiod of time, reaching around 830 clients with a large geographic spread covering 32 main countiesthrough a network of 130 branches and agencies as of end-March 2005.

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    BERD Proiecte de investiii directe

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    BERD Faciliti de finanare pentru IMM

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    BERD Faciliti pentru investiiimunicipale i de mediu

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    BERD Investiii Regionale

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    Banca European de Investiii

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    Banca European de Investiii The task of the European Investment Bank, the European Union's financing

    institution, is to contribute towards the integration, balanced developmentand economic and social cohesion of the Member Countries .

    The European Investment Bank (EIB), the financing institution of the EuropeanUnion, was created by the Treaty of Rome .

    The members of the EIB are the Member States of the European Union , whohave all subscribed to the Bank's capital.

    The EIB grants loans mainly from the proceeds of its borrowings , which,together with "own funds" (paid-in capital and reserves), constitute its "ownresources" .

    Outside the European Union, EIB financing operations are conducted principallyfrom the Bank's own resources but also, under mandate, from Union or Member States' budgetary resources .

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    Banca European de Investiii Objectives and financing priorities:

    Economic and social cohesion in the enlarged EU

    Implementation of the Innovation 2010 Initiative

    Development of Trans-European and Access Networks

    Support of EU development and cooperation policies in partner countries Environmental protection and improvement, including climate change and

    renewable energy.

    Support for small and medium-sized enterprises as well as mid-cap companies of

    intermediate size

    Support for human capital, notably health.

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    Acionarii BEI The shareholders of the European Investment Bank are the 25 Member

    States of the European Union .

    Each Member States share in the Banks capital is calculated inaccordance with its economic weight within the European Union

    (expressed in GDP) at the time of its accession.

    In total, the Banks subscribed capital amounts to more than 163.6 billion .

    The EU Member States are fully eligible for Bank financing

    operations , without any geographical or sectorial quotas being applied.

    Under its Statute, the Bank may have maximum loans outstanding

    equivalent to two and half times its capital .

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    Structura BEI1. Board of Governors: consists of Ministers designated by each of the 25 Member

    States,usually Finance Ministers.2. Board of Directors: has the power to take decisions in respect of loans,

    guarantees and borrowings. The Board of Directors consists of 26 Directors , withone Director nominated by each Member State and one by the EuropeanCommission .

    3. The Management Committee: is the Banks permanent collegiate executivebody. It has nine members . Under the authority of the President and thesupervision of the Board of Directors, it oversees day-to-day running of theEIB , prepares decisions for Directors and ensures that these areimplemented .

    4. The Audit Committee: is an independent body answerable directly to theBoard of Governors and responsible for v erifying that the operations of the Bank have been conducted and its books kept in a proper manner.

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    Fondul European de Investiii Following the conclusions of the Lisbon European Council in March 2000, which

    called for increased support for operations to assist SMEs,the Board of Governorsdecided to set up the "EIB Group" , consisting of the European InvestmentBank and the European Investment Fund .

    The EIB became the majority shareholder in the European Investment Fund, whichnevertheless retains a tripartite share-ownership structure consisting of the EIB(59.15%), the European Commission (30%) and European banks andfinancial institutions (10.85%).

    EIB Group is thus able to play a predominant role in boosting thecompetitiveness of European industry through the diversified support itprovides for the activities of SMEs (mediu and long-term loans, venture capitaland guarantees).

    The EIB continues to promote smaller businesses through its medium andlong-term global loan financing, arranged in collaboration with the banking sector.

    The relationship between the EIB and the EIF encourages a productivesharing of expertise between the Bank and the Fund in support of finance forSMEs;

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    Faciliti de Finanare oferite de BEIThe EIB offers various financial services to support projects,depending on eligibility and project category.

    Loans for SMEs through an intermediary (credit lines made available tobanks, leasing companies or financial institutions, which on lend the proceeds forsmall or medium-scale investment projects meeting the Bank's criteria)

    Venture capital Direct loans (also known as Individual loans) (Promoters in both the public

    and private sectors, including banks);

    Structured Finance Facility (SFF) ( senior loans and guarantees incorporatingpre-completion and early operational risk; subordinated loans and guaranteesranking ahead of shareholder subordinated debt; mezzanine finance, including high-yield debt for industrial companies in transition from SME scale or in the courseof restructuring; project-related derivatives.)

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    Proiecte BEI

    Date of Entry: 17/05/2005

    Beneficiary: The Region of Pardubice. The Region of Liberec.

    Location: Czech Republic - European Union. Pardubice and Liberec.

    Description: The project concerns a series of priority schemes for the rehabilitation of the regional roadnetwork.

    Objectives: The project will improve traffic fluidity and safety along the Regions road network anddecrease cost of road users (fuel and tyre consumption, maintenance, travel time).

    Sector: Transports.

    Proposed EIBfinance: To be determined

    Total cost: Up to EUR 40 million for the Region of PardubiceUp to EUR 40 million for the Region of Liberec.

    Environmentalaspects:

    Current environmental impact legislation in the Czech Republic is based on the Act No100/2001 Coll., which reflects relevant EU legislation (namely Directive 85/337/EEC asamended by Directive 97/11/EC).

    Procurement: EU Procurement Directives have been transposed into the national legislation, and theprocedures to be used will be verified during appraisal.

    Status: Signed - 30/06/2005

    Priority Roads and Motorways Rehabilitation II - AFI Czech Republic

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    Proiecte BEI

    Date of Entry: 25/02/2005

    Beneficiary: Gdansk Transport Company SA

    Location: Poland - European Union.Gdansk to Nowe Marzy (89.5 km)

    Description: Design, construction and operation of 152 km dual carriage motorway from Gdanks toTorun.

    Objectives: The new motorway section will constitute the first step in completing of the missing linkbetween Gdask and d on the way to industrial Silesia. At the same time, once the wholesection Gdask -Toru is completed, it will facilitate easier access between Warsaw regionand Tricity ( Gdask , Sopot and Gdynia).

    Sector: Transports.Road transport

    Proposed EIBfinance: EUR 525 million

    Total cost: EUR 700 millionEnvironmentalaspects:

    The project falls under the requirements of Annex 1 of the EU Directive 97/11 and requiresfull EIA with public consultation.

    Procurement: The project has been procured as a Public Private Partnership to design, build, finance andmaintain the infrastructure based on combination of shadow toll revenues and availabilityand performance payments to the concession company during a 35-year concession.

    Status: Signed - 28/07/2005

    A1 Motorway - Poland

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    Proiecte BEI

    Date of Entry: 16/09/2004

    Beneficiary:Municipality of Budapest

    Location: Hungary - European Union.Budapest.

    Description:The project concerns the design, construction, operation and maintenance of the BCWWTPand ancillary investments. It includes the following main investments:

    Objectives: The project represents a cost-effective solution to wastewater collection, treatment andsludge disposal in central Budapest to meet EU and Hungarian environmental standards. It isexpected that there will be indirect benefits to the city through reduced pollution of theDanube and greater tourism potential of the riverfront.

    Sector: Water, sewerage.Environment sector.

    Proposed EIBfinance: Up to EUR 147 million.

    Total cost: Approximately EUR 529 million.

    Environmentalaspects:

    The project has been designed in full compliance with national and relevant EUenvironmental directives. Upon completion and successful start of operation wastewatergenerated by more than 90% of Budapest population (for the time being some 1.8 million)will be treated biologically.

    Budapest Central Waste Water Treatment Plant Project

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    Proiecte BEIHVB Bank Romania Global Loan IIDate of Entry: 03/02/2005

    Beneficiary: HVB Bank Romania

    Location: Romania - Accession Countries.

    Description: Small and medium-scale projects in the field of environment protection, infrastructure,development of a knowledge-based economy, rational use of energy, health and education inRomania.

    Objectives: The global loan would contribute to the development of term finance in Romania. Through thefinancial intermediary, the global loan would provide long-term funding for eligible projectspromoted by small and medium sized enterprises (SMEs) and localmunicipalities/authorities/associations.

    Sector: Global loans.

    Proposed EIBfinance: Up to EUR 20 million

    Total cost: EIB finances up to 50% of total project cost

    Environmentalaspects:

    The financial intermediary will be requested to ensure compliance of the sub-projects withrelevant national and EU directives, as appropriate.

    Procurement: The financial intermediary will be requested to ensure compliance of the sub-projects with EUdirectives, in particular for the award of public sector contracts, as may be appropriate.

    Status: Signed - 15/09/2005

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    Fondul Monetar International

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    Rolurile FMImonitoring national, global, and regional economic andfinancial developments and advising member countries ontheir economic policies ("surveillance");lending members hard currencies to support policy

    programs designed to correct balance of paymentsproblems; andoffering technical assistance in its areas of expertise, aswell as training for government and central bank officials.

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    Membri FMI

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    Drepturi Speciale de Tragere (SDR)The SDR, or Special Drawing Right, is an international reserve asset that

    member countries can add to their foreign currency and gold reserves anduse for payments requiring foreign exchange. Its value is set daily using abasket of four major currencies: the euro, Japanese yen, pound sterling, andU.S. dollar.The IMF introduced the SDR in 1969 because of concern that the stockand prospective growth of international reserves might not be sufficient to

    support the expansion of world trade. (The main reserve assets at the timewere gold and U.S. dollars.) The SDR was introduced as a supplementaryreserve asset, which the IMF could "allocate" periodically to memberswhen the need arose, and cancel, as necessary.IMF member countries may use SDRs in transactions among themselves,with 16 "institutional" holders of SDRs, and with the IMF. The SDR is alsothe IMF's unit of account. A number of other international and regionalorganizations and international conventions use it as a unit of account, oras the basis for a unit of account.

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    FMI vs Banca Mondial The World Bank was established at the Bretton Woods Conferenceat the same time as the IMF. Its purpose was to help war-ravagedcountries rebuild.The earliest recipients of its loans were theEuropean countries and Japan. By the early 1960s, these countriesno longer needed World Bank assistance, and its lending wasredirected to the newly independent and emerging nations of Africa,Asia, Latin America, and the Middle East, and, in the 1990s, to thetransition countries of Central and Eastern Europe.The IMF and the World Bank complement each other's work. Whilethe IMF's focus is chiefly on macroeconomic and financial sectorissues, the World Bank is concerned mainly with longer-termdevelopment and poverty reduction. Its loans finance infrastructureprojects, the reform of particular sectors of the economy, andbroader structural reforms.Countries must join the IMF to be eligible for World Bankmembership.

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    Organizaia pentru Cooperare iDezvoltare Economic

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    OECDgroups 30 member countries committed to democracyand the market economyprovides statistics and economic and social dataanalyses and forecasts economic developments

    researches social changes and evolving patterns in trade,environment, agriculture, technology, fiscal policy andmore

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    OECD i guvernele rilor membrecompare policy experiencesseek answers to common problemsidentify good practiceco-ordinate domestic and international policies

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    Misiunea OECDArticle 1 of the OECD Convention defines theOrganisations mission as being to:

    support economic growth

    boost employmentraise living standardsmaintain financial stability

    assist other countries economic developmentcontribute to growth in world trade

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    OrganizareCouncil

    Overs ight and s t ra tegic d i rec t ion

    Representatives of member countries and of the EuropeanCommission; decisions taken by consensus

    Committees

    Discuss ion and implementa tion

    Representatives of member countries andof invited non-members work with theOECD Secretariat on specific issues

    Secretariat

    Analys i s and p ropos a ls

    Secretary-GeneralDeputy Secretaries-GeneralDirectorates

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    OECD - Proces

    1. Data collection 2. Data analysis

    3. Collectivepolicy discussion

    4. Decision-making

    5. Implementation

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    Realizrile OCD E - ExempleImproving transparency and ethics in international business

    Principles of Corporate GovernanceGuidelines for Multinational EnterprisesAnti-Bribery ConventionPolluter-Pays Principle (PPP)

    Simplifying tax issues in international transactionsModel Tax Convention

    Helping emerging and transition economiesCo-operation programmes with emerging market economiesincluding China, India and Brazil

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    DE CE?

    De ce exista institu ii financiare de acest gen ?

    De ce exist banca mondial ?

    De ce exist bnci care au ca acionari state ?

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    BibliografieHaggblade, Peter B. R. Hazell, and Thomas Reardon (2007). Transforming the Rural

    Nonfarm Economy: Opportunities and Threats in the Developing World. Edited by Steven Johns Hopkins University Press.

    Markwell, Donald (2006). John Maynard Keynes and International Relations: EconomicPaths to War and Peace. Oxford & New York: Oxford University Press.

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    Bibliografie Jan Joost Teunissen and Age Akkerman (eds.) (2005). Helping the Poor? The IMF andLow-Income Countries. FONDAD.Dreher, Axel (2002). The Development and Implementation of IMF and World BankConditionality . HWWA. http://econwpa.wustl.edu/eps/if/papers/0207/0207003.pdf.Dreher, Axel (2004). A Public Choice Perspective of IMF and World Bank Lending andConditionality.Public Choice 119 (3 4): 445 464.Greg Palast (2002). The Best Democracy Money Can Buy .

    David D. Driscoll (2007). The IMF and The World Bank: How do they differ? Rivalries between IMF and IBRD.The Economist (2007-03-01)George, S. (1988). A Fate Worse Than Debt . London: Penguin Books. Markwell,Donald (2006), John Maynard Keynes and International Relations: Economic Paths toWar and Peace, Oxford & New York: Oxford University Press.Rapkin, David P. and Jonathan R. Strand (2005). Developing Country Representation andGovernance of the International Monetary Fund . World Development 33, 12: 1993-2011.Williamson, John. (1982). The Lending Policies of the International Monetary Fund, Policy

    Analyses in International Economics.Washington D.C., Institute for InternationalEconomics.