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JAARGANG 31 > MAY 2011 > NUMMER

XaV^gZ

MOLECULAR COOKING

GOING ORGANIC

PIONEER WOMAN ESTONIA AND THE

EURO

We view professionalism as the product of excellent abilities and execution. We pride ourselves on it in everything we do. Being professional is about setting the highest standards of performance and wanting to excel. If you have the same standards, we would like to hear from you. For our Analyst Program, NIBC is looking for university graduates who share our pursuit of professionalism. Personal and professional development are the key-elements of the Program: in-company training in co-operation with the Amsterdam Institute of Finance; working side-by-side with professionals at all levels and in every financial discipline is part of learning on the job. We employ top talent from diverse university backgrounds, ranging from economics and business administration, to law and technology. If you have just graduated, with above-average grades, and think you belong to that exceptional class of top talent, apply today. Joining NIBCâ€™s Analyst Program might be the most important career decision you ever make! Want to know more? Surf to www.careeratnibc.com.

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Index

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PEANUT BUTTER JAARGANG 31 > MAY 2011 > NUMMER

XaV^gZ

13 >16 >19 >20

MOLECULAR COOKING >

ESTONIA AND THE EURO

22 >26

FOOD PSYCHOLOGY >

MOLECULAR COOKING

GOING ORGANIC

PIONEER WOMAN ESTONIA AND THE

EURO

10 WAYS TO…

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Visual styling and printing:

MAY

Commercial ofﬁcer:

INTRODU CT ION

Food. Delicious. Sumptuous. Yummy. Hmmm… I can ofﬁcially say that I love food. At times it is merely that which sustains us, but for those epicures out there it is the perfect way to enjoy life with a little bit of extra shazam. Certain foods can make you very happy. Everyone has different taste, of course, but for those who can’t eat chocolate… I feel very sorry for them, because they are missing out! Besides chocolate, there are myriad other tasty goodies available in the food isle of your local supermarket. Ranging from broccoli to tiger prawns to fresh-baked bread, there is something for everyone. And then there are the different cuisines originating from far away countries that give a whole new meaning to the word exotic.

MAY

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Kim van Adrichem

EC LAIRE

In this issue you’ll discover new facts about food. Food has been and always will be a part of your life, so naturally going a diet will always be torture. Instead of ever having to take that measure, just eat well with limitations and enjoy all the bites you take!

Editor-in-Chief

For the next half year I’ll be experiencing Asian specialties during my exchange to Singapore and I’ll be sure to try out the strange delicacies they offer. I’ve enjoyed being Editorin-Chief of the Eclaire, but it’s time to hand over the reins to Tim, one of the most dedicated writers I’ve met. In his capable hands I’m convinced that the EFR-Eclaire will renew itself once again. Good luck with all your endeavors, Kim van Adrichem Some foody quotes: ¹6h V X]âY bn [Vbân h bZcj Xdch^hiZY d[ ild X]d^XZh/ take it or leave it.” - Buddy Hackett ¹LZaXdbZ id i]Z 8]jgX] d[ i]Z =dan 8VWWV\Z# AZiijXZ pray.” ¹> Y^Yc i Ã\]i bn lVn id i]Z ide d[ i]Z [ddY X]V^c id WZ V vegetarian.” ¹KZ\ZiVWaZh VgZ V bjhi dc V Y^Zi# > hj\\Zhi XVggdi XV`Z! zucchini bread, and pumpkin pie.” - Jim Davis ¹9ZhhZgih VgZ a^`Z b^higZhhZh# I]Zn VgZ WVY [dg ndj# Hd ^[ you are having one, you might as well have two.” - Chef Alain Ducasse ¹6[iZg Vaa i]Z igdjWaZ ndj \d id! ndj \Zi VWdji Vh bjX] actual ‘food’ out of eating an artichoke as you would from licking 30 or 40 postage stamps.” - Miss Piggy ¹>¼aa WZi l]Vi bdi^kViZY i]Z 7gî^h] id XdadcôZ hd bjX] d[ the world is that they were just looking for a decent meal.” - Martha Harrison ¹Ild ldgYh id ^begdkZ Vcn Y^h]# 7V! 8dc#º " Ted Allen, The Iron Chef ¹6cY > ÃcY X]dehi^X`h! [gVcàn! Y^higZhh^c\# 6b > VadcZ ^c thinking it odd that a people ingenious enough to invent paper, gunpowder, kites and any number of other useful objects, and who have a noble history extending back 3,000 years haven’t yet worked out that a pair of knitting needles is no way to capture food?” - Bill Bryson

INT RO D U CT I O N

Dear student,

It is therefore a striking contrast to see that there are still so many people dying from hunger. While we spend extra money on ‘luxury food’, people are starving. It is even more astonishing that in our society with such an abundance of food compared to these poor countries, we have an entire market for losing weight and to train us to consume less. This has led to a huge industry of diets and light products. As you can conclude from the story above, there is an entire economy focused on food. This Eclaire will tell you all about it!

EC LAIRE

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Fastfood is the main example of how dominant food is in our society. We expect to be able to buy and consume food all day long, no matter where we are. Since we are confronted with the possibility to buy food at almost every corner of every street, we consume more than necessary. Supply is creating demand.

Presidential

MAY

Business meetings are almost always accompanied by snacks or dinner. We associate cosiness and a lot of social events with food. There is an abundance of food in our society, which determines the way we consume it. When we do groceries there is so much you can buy, that it creates an incentive to buy more than you need. Most of us end up with more groceries than expected before we went shopping. Even for our pets there are shelves full of different kinds of food and snacks. Marketing campaigns are aimed at inﬂuencing people to buy things of which they didn’t even know they needed it. Nobody needs more than 30 different kinds of soda, or 15 kinds of bread. But as most economists know, people love variety, in other words: consumers like to have a choice. Our consuming society is increasingly focussed at creating needs instead of fulﬁlling them.

Myrthe van Dieijen

Maybe you are eating something right at this moment, reading this Eclaire. We all know that food is one of life’s essentials. We see food not only as a way to stay alive, but as a way to enjoy life. Food can lighten up lots of conversations. You buy dips and chips when you are with your friends, you enjoy snacks at a terrace in the sun, and go out to dinner in all kinds of different restaurants.

WO R LD

Going o By Youvale van Dijk

EC LAIRE

RGANIC FOOD HAS BEEN AROUND FOREVER, AS PEOPLE USED TO USE NO FERTILIZERS OR CHEMICALS TO PRODUCE THEIR FOOD. IT WAS NOT UNTIL THE FOOD INDUSTRY BECAME LARGER AND MORE INTEGRATED THAT NON-ORGANIC FOOD, WITH CHEMICALS AND PESTICIDES, WAS PRODUCED. NOWADAYS, NON-ORGANIC FOOD IS THE STANDARD, EVEN THOUGH ORGANIC FOOD IS SAID TO BE BETTER FOR YOU AND FOR THE ENVIRONMENT. DESPITE THESE REASONS, THE EXISTING DEMAND FOR ORGANIC FOOD, AND THE PROPONENTS OF AN ORGANIC FOOD REVOLUTION, THE CONSUMPTION LEVEL STAYS THE SAME. A COMMON REASON FOR CONSUMERS TO PREFER NON-ORGANIC OVER ORGANIC FOOD IS THE PRICE, AS ORGANIC FOOD IS OFTEN 20 TO 100 PERCENT MORE EXPENSIVE THAN SIMILAR NON-ORGANIC COMMODITIES. BUT THERE IS ALSO A LACK OF KNOWLEDGE SURROUNDING ORGANIC FOOD. THE BOXES BELOW MIGHT CHANGE JUST THAT.

MAY

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6 What is organic food? Organic food is food that is produced, processed, and packaged without chemicals and fertilizers, and therefore 100 percent biological. Furthermore, it is food that is not genetically modiﬁed. When it concerns meat, it is important that the animals are fed with biological food. The animals are also not allowed to have ingested antibiotics and hormones.

General requirements for an organic certiﬁcation Do not use synthetic chemical inputs and genetically modiﬁed organism. Separation of organic and non-organic products Farmland free of synthetic chemicals (over an extended period) Periodic inspections

Organic is one of the fastest growing markets in agriculture. However, it has not yet reached the majority of consumers. This can be due to the higher prices, caused by the need for more labor or by the smaller ‘yield’ of organic production. Organic food has to be acknowledged as organic food, which is fulfilled when it has a certificate (e.g. Fairtrade). To obtain this certificate food production needs to meet requirements set by national and international organizations.

"It tastes of.pesticides"

WORLD

rganic EC LAIRE

"100% biological"

Green & Black’s is a company producing and selling organic chocolate, which trades in an ethical way (now part of Kraft foods). Starting out in 1991 in London, the company has evolved from being the first organic chocolate bars seller to other areas of food with chocolate, such as ice cream, biscuits, and hot chocolate. The chocolate bars consist of a high percentage of cacao powder, which is harvest without chemicals and fertilizers by small farmers. Because a core value of the company is ethical trading, the farmers receive a fair price for their beans. In 1994 the company added the Maya Gold brand, chocolate based on the flavor of the traditional Mayan chocolate drink (where chocolates comes from). This innovation of the Maya Gold chocolate bar established an incredible reputation for the company, as the company was awarded the Worldaware Business Award in 1994 and a Fairtrade mark (the first in the UK). The strength of the company, other then the high quality product, is its name and logo: Green and Black’s. The brand represents the product, high percentage of cacao, the black part, and organically produced, the green part.

Five reasons why you shouldn’t eat organic! You always liked the taste of pesticides in your food. In today’s world of junk food, eating such healthy things cannot be good for you. It is just too expensive. Locally produced food might be better, when taken into account transportation cost, both monetary and environmentally. If you want to go green, just go hug a tree.

"Worldaware Business Award for the Maya Gold chocolate bar"

MAY

Green & Black’s Organic Chocolate

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www.werkenbijpwc.nl

Of heb jij een beter idee om alle facetten van de ﬁnanciële wereld te ontdekken? Financial Traineeship

Financial Traineeship Vanaf september 2011 Judith Verschoor 088 792 53 79 judith.verschoor@nl.pwc.com

Sta je op het punt een financiële master af te ronden, dan ligt de wereld aan je voeten. Het bedrijfsleven staat te springen om talent met een financieel fundament. Wil je meer weten over dit tweejarig coachings- en opleidingstraject, neem dan contact op met Judith. Of ga naar www.werkenbijpwc.nl/financialtraineeship

WORLD

Why Plane Food is

Plain Food

By Timothy Langstraat

The answer to this is as simple as it is obvious. Most people get a clogged nose when they’re ﬂying: the dry air dries out not just your skin, but also your mucous membrane. This, in turn, makes your nose completely useless in the air. You can barely breathe through it, let alone use it to smell things. And that’s where the problems start. Taste, as we know it, is not just tasting with your tongue. Almost ninety percent of your sense

This is not the only cause. They found out that the sound of flying, the thankfully never-ending hum of the engines, actually reduces your sense of sweet and salt. Because most airlines use these spices to bring out the flavour lost due to your reduced sense of smell, airplane food still tastes as bland as it did before. This discovery, of course, had to be tested. Was it purely the sound of the engines that caused the lack of taste, or was there more to it? In simulations, they found out there wasn’t. When they simulated the typical hum, people generally said the food was less enjoyable. However, when they were given antinoise headphones, which block out that hum with a countersignal known as white noise, the flavours went back to normal again. So, what can you do about this the next time you fly? Unfortunately, relatively little. Unless you buy noise-cancelling headphones or airlines start installing sound-dampeners to block out the noise, you’ll have to learn to live with it. So remember, plane food might be plain food but if you endure it for just one flight, the food on the other side will be all the sweeter.

9 2 0 1 1

of intentions. Why does it turn out so bad up in the air, then?

of taste is actually caused by your olfactory senses. This means that when your nose ceases to work, you cease to taste things.

MAY

Almost everyone has, at some point in time, ﬂown by plane. If it was a short trip, a few hours at most, chances are they didn’t serve a lot of food. Most budget airlines don’t even offer complimentary food, and make a mint out of selling sandwiches, candy bars and other nibbles. However, if you’ve ﬂown for longer than a few hours, you’ve probably tasted airplane food, and noticed how it’s rarely tasty, and mostly horrifying. But while it might not have been prepared with the best ingredients, it has always been prepared with the best

EC LAIRE

HEN SOMEONE RETURNS FROM THEIR HOLIDAYS, THEY ALWAYS TELL TALL TALES OF WHAT HAPPENED TO THEM. THEY’LL MENTION THE SUNNY BEACHES, THE LONG NIGHTS PARTYING, AND MAYBE, JUST MAYBE, WHAT KIND OF CULTURAL SIGHT-SEEING THEY DID. BUT INVARIABLY CONVERSATION WILL LAND ON THE AIRPLANE FOOD, AND HOW DISGUSTING IT WAS THIS TIME. BUT WHY DO YOU NOT ONLY HAVE TO KISS YOUR RELATIVES GOODBYE AT DEPARTURE, BUT ALSO YOUR TASTE BUDS?

E N T E RTAI NMENT

I’m Pioneer Woman.

EC LAIRE

I Cook. MAY

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10 By Kim van Adrichem

HE POWER OF BLOGS IS ENORMOUS THESE DAYS. PEOPLE BROWSE THE INTERNET IN SEARCH OF THINGS THAT ARE INTERESTING OR DIFFERENT. IN THE CHAOS OF THE INTERNET, REE DRUMMOND HAS NOT JUST CREATED A BLOG, SHE HAS CREATED A BRAND OF HERSELF AS A COWBOY HOUSEWIFE. YOU MIGHT BE PICTURING THE BORING TEXAS DESERT WITH MILES OF NOTHINGNESS, BUT THE PICTURE PIONEER WOMAN CREATES IS VERY LIVELY AND MORE IMPORTANTLY… VERY YUMMY. LIKE MOST SOUTHERN AMERICAN COOKS, SHE DOES NOT SHY AWAY FROM BUTTER. AS THE FAMOUS PAULA DEEN PUT IT; “…WHAT THE HECK, I THINK I'LL PUT A TABLESPOON OF BUTTER IN IT, JUST CAUSE I SAW THE BUTTER SITTING BACK HERE!” IF YOU ARE ON A DIET, THIS IS NOT THE ARTICLE FOR YOU.

members; Cowboy Food consists of the recipes her husband, Marlboro man, loves; Cowboy girl is what she as a busy mother loves for comfort food; and the desert section consists of the treats her kids adore.

Pioneer Woman started off making comfort food, taking pictures of every step of the recipe to showcase the fun of preparing food. The pictures are colorful and when you scroll through her recipes, it’s like you are standing next to her while she’s sizzling up some fajitas, melting chocolate, or stirring and combining the myriad ingredients. Opening the site is liking stepping into a Western world where there are traditional values mixed in with wonderful experiences from photography to cooking. Her family stars on the site and the subsections apply to the different family

Some of the recipes; Bacon Onion Cheddar Biscuits, Chocolate Chip Cookie Sweet Rolls, Bailey’s Toffee Squares, Nantucket Cranberry Pie, My Favorite Meatloaf (having personally made this recipe – it is very very sumptuous!), and SuperSonic Breakfast Burrito. Instead of listing them, you will also ﬁnd a tribute to all the amazing recipes Ree Drummond has posted online for free on thepioneerwoman.com and to those special ones that are featured in her Xdd`Wdd`0 ¹I]Z E^dcZZg LdbVc 8dd`h/ Recipes from an Accidental Country Girl”.

MAY

11 2 0 1 1

EC LAIRE

ENTERTAINMENT

rotterdam.nl/werkenbij

project organiseert. Hiervoor zijn we ons nu aan het

De stad die durft, geeft initiatief de ruimte.

oriënteren bij Bureau Frontlijn. Dit bureau doet allerlei projecten in probleemwijken en biedt onder andere hulp aan gezinnen met jonge kinderen. Voor ons project denken we aan het organiseren van een dagje uit voor deze gezinnen of het geven van training aan

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We bouwen bij de gemeente Rotterdam aan de

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dat het een stad is die durft, die uitprobeert. En

goed in handen, maar geven veel ruimte voor

daardoor een echte voorloper is op vele gebieden.

initiatieven. Met 13.500 medewerkers zijn we een

Als trainee ontmoet ik heel veel mensen, bouw snel

grote werkgever in het Rijnmondgebied. En met

een groot netwerk op. En ik kom overal in de

een stad die durft. Zonder durf had de modernste haven ter

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organisatie. Als je ziet hoeveel mogelijkheden je hier

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Rotterdammers aan de stad.

elke achtergrond kun je hier boeiend werk doen.”

was Rotterdam de wolken minder dicht genaderd. Zonder durf

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waren veel debatten Ruud den Haak, 24 jaar, trainee bij de gemeente Rotterdam

over grootstedelijke

Wat bieden wij je? Een veelzijdig traineeprogramma in een interessante stad die durft! Het traineeprogramma start jaarlijks op 1 november en 1 mei met elke keer tien trainees. In twee jaar tijd werk je aan vier projecten bij vier verschillende

problemen niet in

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Rotterdam gestart.

ervaring op te doen en een stevige basis te leggen

Afhankelijk van je leeftijd en opleiding ligt het

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voor mijn carrière. In twee jaar tijd rond je vier

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Meer informatie over het traineeprogramma vind je op

te betreden.

met je collega-trainees een zelf gekozen sociaal

www.rotterdam.nl/rotterdamse_traineeprogramma

WORLD

Molecular Cooking: Haute Cuisine’s Latest Fad? By Timothy Langstraat

D[ÃX^Vaan XVaaZY ¹BdaZXjaVg VcY E]nh^XVa Gastronomy”, molecular cooking rose to importance in the early nineties. Back then, all that people knew was just how to prepare things, and relied on age-old adages to cook, without realizing the processes behind it. Of course, there were excellent cooks, but even they did not know how a roast roasted, or how a soufflé developed in the pan. Kurti and This were the first to look into the science of cooking, and what happened during the process of cooking. But while Kurti was content doing very few experiments, This couldn’t get enough of it. In 1995, he joined forces with a laboratory to test all the adages he could find, and develop new and innovative ways to cook. By the end of his life, he wanted to change cooking. So far, he is well on his way, with many chefs citing him as a major influence on their cooking.

Of Molecules and Mastication But if molecular cooking was only about perfecting dishes, then it would not be as revolutionary as people say it is. The true reason why molecular cooking has been taking the world by storm is its focus on two aspects: unusual pairings, and unusual presentation.

The second of the hallmarks is the unusual presentation. The chefs do not only play with their ingredients, but also the way it’s presented on your table. Most people would think this means adding a strange colour to the scallops, or arranging them in an inventive way. Molecular cooking throws all these traditional notions out of the window, and does it completely different. Dishes need to always amaze, and challenge the expectations people have. And so, chefs use every possible way they have to alter the food. Whether it is making liquid olives, by ﬁrst pureeing them and then suspending them in ﬂuid, or making lime-green tea ice cream that evaporates in your mouth, they always attempt to amaze. Molecular chefs are constantly trying to break the boundaries of your expectations.

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A History of Molecular Cooking

Experimental cooking has always been about creating unusual pairs. While you would never expect carpaccio and foie gras, for example, to work together, they ﬁt quite well. However, molecular cooking brings it to a new level. Instead of just trying out random new things, chefs look at the molecular structure of ingredients, and how they work together, in spite of how strange it may sound. In doing so, chefs like Heston Blumenthal have created wondrous dishes, such as white chocolate and caviar, or pineapple and blue cheese.

MAY

Molecular cooking might very well be the only cooking style to ever have come from a laboratory. Two scientists, Nicholas Kurti and Hervé were the most unlikely partners to ever venture into cooking: a physicist and a chemist, sharing an intense love for cooking. From their partnership, molecular cooking was born.

EC LAIRE

N EGG MADE OUT OF PUMPKIN, MARSHMALLOWS MADE OUT OF PARMESAN CHEESE, MINIATURE RAVIOLI’S FILLED WITH PEA SOUP, RESEMBLING PERFECT PEAS… THE POSSIBILITIES OF MOLECULAR COOKING ARE ONLY LIMITED BY THE IMAGINATION OF THE CHEF.

Wat belangrijk is, laat je niet los.

d Ik wil ruimte om te groeien. Waar zet ik

Waar je ook bent, belangrijke beslissingen zijn nooit ver weg. In je rol als accountant en bij het bepalen van je volgende carriĂ¨restap. Bij Grant Thornton begrijpen we dat je voortdurend bezig bent met je groei. Sterker nog, wij zijn er zelf ook mee bezig. Onder andere door jouw ambities alle ruimte te geven en door je talent te versterken met een goed doortimmerde opleidingsaanpak. Meer over ons op onze website.

www.carrierebijGT.nl

ol ev

e end

stap?

Grant Thornton bij jou in de buurt: Alphen aan den Rijn - Amsterdam Boskoop - Gouda - Leiden - Rijswijk Rotterdam - Woerden

Accountancy - Belastingen - Advies

WORLD

[Continued]

¹The possibilities of molecular cooking are only limited by the

EC LAIRE

imagination of the chef.¹

MAY

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15 By Timothy Langstraat

Playing With Food Over the last few years, molecular cooking has grown to be a worldwide trend. Out of the top ten restaurants in the world, only two stick to traditional cooking: the other eight, and many others on the list, have adopted the new way of cooking. Many of the restaurants that are on the list have opened their doors only in the last fifteen years, and a few even in the last ten years. Molecular cooking is big, and it’s definitely booming business. One of the greatest boosts for molecular cooking is its novelty factor. Nowadays, it is said that everyone can be a chef. Several television shows are even based upon that exact premise: any amateur can match their skills with fully-fledged chefs, and come out on top. Molecular gastronomy gives restaurants an edge, something to lure customers in. Their playful take on food, aided by modern, high-end equipment, manages to amaze customers course after course. But while the more ‘normal’ dishes can

be created at home, to apply molecular gastronomy at home would require more elaborate cooking equipment. Equipment that regular consumers can’t afford. And so, molecular cooking still holds an unattainable standard for customers.

Fading Food Fads Not everyone is as positive about molecular cooking as the general populace, though. An often-heard critique is that after the ﬁrst visit, the food fails to impress, because it’s more of the same trick. While a seafood course made to look and smell like the sea surprises the ﬁrst time, it won’t surprise as much the second time around.

Another claim that is often made is that molecular cooking is unhealthy. Critics who believe in a ‘puritan’ approach to food say that the additives used in molecular cooking to congeal or dissipate the ingredients change the ﬂavor and the purity of the dish. They feel that by relying on chemicals to make your food, you tarnish the dish. Some even go as far as saying that it’s unhealthy due to the sheer amount of chemicals used, though that conception is generally derided. Whichever way you turn it, molecular cooking is an interesting form of cooking. The playful, inventive dishes created by the chefs are a form of art in their own right. Whether it is here to stay, is still in doubt. One thing is for sure, though: gastronomical cooking has changed the way we see and experience food, from a solely taste-driven experience to a full immersion. And that, in itself, is the greatest accomplishment of all.

WO R LD

The Danger of Speculative Hedge-Fund Investments in Commodity Markets

EC LAIRE

By Katharina Dees

MAY

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OMMODITIES LIKE GOLD, OIL AND COTTON ARE TRADED ON COMMODITY EXCHANGES. THE PRICE OF A COMMODITY IS DETERMINED BY THE PRICE OF THE FUTURE CONTRACT WHICH IS DIRECTLY INFLUENCED BY CURRENT EVENTS. LIKE IN OTHER MARKETS SUPPLY AND DEMAND ARE THE DETERMINANTS OF THE PRICE. THE SUPPLY OF A COMMODITY DEPENDS ON THE NATURE OF THE COMMODITY ITSELF AND THE LIMITING FACTOR OF SUPPLY IS OFTEN THE SCARCITY. FOR INSTANCE, THE SUPPLY OF OIL IS CONSTRAINED BY POLITICAL CRISES LIKE THE CURRENT CRISIS IN THE MIDDLE EAST WHEREAS THE PRICE OF CROPS IS IMPACTED BY WEATHER CONDITIONS, DROUGHTS ETC. HOWEVER, ALSO THE INCREASED DEMAND FOR COMMODITIES BY EMERGING ECONOMIES LIKE CHINA HAS LED TO A RISE OF PRICES. OTHER FACTORS FOR PRICE INCREASES ARE POLITICAL INSTABILITY IN THE PRODUCING COUNTRY (E.G. IVORY COAST PRODUCES 45% OF ALL COCOA BEANS) AS WELL AS THE WEAK DOLLAR. As commodities are inputs or raw materials for the production of other goods, the price of ﬁnal goods will also be affected. For example, if the price for crops increases, the price for meat will rise too, as crops are input factors for the meat production. In this way many prices and production inputs are interrelated and affected by each other. Due to droughts and poor harvests last year, the price for agricultural commodities like rice (price increase by 277% within six months) and crops increased so much that many people in North Africa and South and Central America could no longer afford basic food necessities. This has led to food riots and helped trigger the ongoing conﬂicts in North Africa.

¹i]Z eg^XZ [dg g^XZ ^cXgZVhZY Wn 277% within six months”

Since, commodities are traded via future contracts they are subject to speculative investors who can artificially push up prices by heavily investing in them. This has happened after the financial crisis as the commodities offer high returns and are also negatively correlated with bonds and positively correlated with the consumer price index. Hence they are a useful supplement for funds as they reduce the overall risk of the portfolio. As more speculators and hedge-funds, who have no intention of actually acquiring agricultural goods but only want to earn high profit margins, enter the commodity market the prices are driven up by their expectations and high volume investments. In order to enable even higher returns the collateralized commodity obligations were invented by the financial markets which is directly indexed to price increases. This means that the profits increase with the commodity’s price. As this financial instrument has similar characteristics as the subprime mortgage loans which caused the financial crisis in 2008, it is legitimate to be afraid of another financial bubble. Since, speculative investments in agricultural commodities have become very common, there is an outcry for regulations and limitations. This makes sense as unreasonable prices in the food market will lead to food riots and famine in poor countries. One idea is to set the obligation to actually exchange the commodities at the expiration date of the future contract. This would prevent profit chasing hedge-funds from pushing up the prices even more.

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Belangen afwegen… daar weten wij alles van. Hoe los je schijnbaar tegenstrijdige zaken op? Liever een biertje drinken met je vrienden of toch maar het tentamen voor morgen leren? Het lijkt misschien een makkelijke keuze, maar welke kant je ook kiest, beide kanten hebben gevolgen. Dilemma’s oplossen is bij het Rijk alledaagse kost. Je bent steeds weer bezig met het verenigen van belangen en het samenbrengen van (ogenschijnlijke) tegenstellingen, op elk terrein, voor de hele maatschappij. Bij het Rijk kun je dus alle kanten op. Zowel tussen de ministeries als binnen de ministeries. De beleidsterreinen bij het Rijk zijn enorm gevarieerd: veiligheid op straat, afvalbeheer, wachtlijsten, internetcriminaliteit, klimaatverandering, voedselveiligheid, infrastructuur en nog veel meer. Er werken onder meer economen, accountants, auditors, bedrijfskundigen, beleidsmedewerkers, controllers en financieel specialisten. Nieuwsgierig? Kijk dan op onze website wat je mogelijkheden zijn, bijvoorbeeld bij ‘stages/afstuderen’ of ‘vacatures’. Of word jij een van onze nieuwe rijkstrainees?

ENTERTAINMENT

The Underrated

Peanut Butter By Nadia Zaﬁrah

The vegetable fat in peanut butter contains more than 80 percent unsaturated fats, which is around the same percentage of unsaturated fats in olive oil. U n s a t u ra t e d fats reduce the risk of heart disease by lowering LDL (bad) cholesterol. In low fat peanut butter however, the good fats are replaced with chemical compounds which reduce the overall fats in peanut butter. The lower fat content may look impressive on the nutrition table on the back of the package but it is not necessarily good for our healths. Recently, Unilever United States Inc. took back some of the reduced-fat Skippy peanut butter because according to the company’s ﬁnding, it could be tainted with salmonella. Although it is unclear why only the reduced-fat peanut butter was recalled, in the case of peanut butter, the original is the better.

"The lower fat content

may look impressive but it is not necessarily good for our health.

Along with the rest of the world, peanut butter also evolves over time. It has changed to satisfy the consumers’ taste WjYh VcY igZcYh hjX] Vh i]Z ¹adl [Vi food products” craze. Today, the commercial standard of beauty is measured from the degree of skinniness. The thinner you are, the more beautiful you look. Low fat foods are the trends and many women and Vahd bZc add` [dg egdYjXih l^i] ¹gZYjXZY [Viº dg ¹adl [Viº aVWZah hiVbeZY dc them. Even if they are not obsessed with

Whether it is in a cake or a sandwich, peanut butter is a breakfast you should not miss.

19 2 0 1 1

being skinny, they may look for low fat products because they are assumed to be healthier. Such products are not necessarily better than the original ones and peanut butter is one of them.

MAY

Decades later, peanut butter still remains a health food that is recommended by many nutritionists. If you don’t believe it, you can browse through health and lifestyle magazines and you will ﬁnd countless diet recipes that promote peanut butter as a great source of protein and sugar. Compared to cream cheese or chocolate spread, peanut butter is a better source of energy, as it keeps you feel full longer without giving you too much calories to burn afterwards. In the US, the federal law regulates any peanut butter to contain at least 90 percent peanuts, with the remaining 10 percent constricted to salt, sweeteners, and stabilizers.

EC LAIRE

HE STORY OF PEANUT BUTTER DATES BACK TO 1890, WHEN AN UNKNOWN PHYSICIAN FIRST CREATED IT. NOT LONG AFTER, A DOCTOR WHOSE NAME LATER ON BECAME SYNONYMOUS WITH BREAKFAST, DR. JOHN KELLOGG, INTRODUCED PEANUT BUTTER AS A REPLACEMENT FOOD PACKED WITH HEALTHY PROTEINS FOR TOOTHLESS PATIENTS. IN 1904, AT THE UNIVERSAL EXPOSITION IN ST. LOUIS, C.H. SUMNER PROMOTED IT AS A HEALTH FOOD, AND IT BECAME KNOWN TO THE WORLD. FINALLY, IN 1922, PEANUT BUTTER HAD ITS COMMERCIAL DEBUT WHEN J. L. ROSEFIELD OF ROSEFIELD PACKING COMPANY OF ALAMEDA, CALIFORNIA IMPROVED ON THE ORIGINAL RECIPE, MAKING IT SMOOTHER AND CREAMIER THAN BEFORE. THIS BECAME KNOWN AS SKIPPY PEANUT BUTTER, THE FIRST COMMERCIAL PEANUT BUTTER.

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Estonian Kroon to the Euro and beyond From the

EC LAIRE

By Youvale van Dijk

MAY

2 0 1 1

Estonia, former member of the Soviet Republic, joined the Eurozone at the beginning of this year, becoming the Eurozone’s 17th member. The first ex-Soviet Republic country to join the euro, the acceptance of Estonia can be called surprising and interesting, and for Estonia and its citizens a large step towards change. They could not have chosen a better time, because the euro was flourishing and in a perfect condition, right? Sure, there were some small problems with Greece, mainly attributed to slight off budgeting, and there was the need for those small financial injections. Not much to worry about for the Eurozone, or a new country for that matter! The question, of course, arises whether a country should be eager to adopt a new currency that some call a sinking ship. Estonia did adopt the euro, but why? What were their worries and hopes? And what is the verdict four months after Prime Minister of Estonia, Andrus Ansip, withdrew the first Euro bills?

Currency Estonia is a country located in the northeast of Europe, and part of the European Union since May 2004. In the century before the introduction of the euro, the country’s currency changed on a couple of occasions. Between 1928 and 1940 the Estonian Kroon was the ofﬁcial currency, which was replaced by the Soviet Ruble when Estonia became ‘part’ of the Soviet Republic in 1940. After the fall of communism in 1992, the Estonian Kroon again became the common currency. Nineteen years later, in 2011, they changed to the euro, after a delay of four years. The country’s history has still an effect on the prosperity of the country. By adopting the euro the country had hopes that it would change for the better and would be more integrated in the European Union. In May of 2010 Estonia ﬁnally met all requirements to be part of the Eurozone. One of them was that an entering country should have spent two years in the European Exchange Rate Mechanism, to stabilize their currency.

Hope So even though the euro was not flourishing, with problems in Greece, Spain, Ireland, and more, Estonia joined. It is a process of years; where Estonia would originally join in 2007, they did not adopt the euro until this year. The length of the process makes it difficult to back out halfway and to predict problems in the future. Another reason why Estonia continued with adopting the euro was the already existing dependency on the euro. For years the country has pegged their currency, the Kroon, to the German mark and later to the (German) euro. As a consequence the Kroon, and the country, already felt the effects of fluctuations of

the euro. Backing out of adopting the euro, could have had major impacts on the economy. The Kroon would probably have dropped in value, and might have caused stagnation. Furthermore, people see the euro as a symbol of wealth and the hope at a better life.

Long run In many other countries where the euro was introduced, the prices of normal commodities and luxury commodities increased after the introduction of the euro. Estonia wanted to prevent this from happening, and sellers of commodities promised not to raise the prices of their goods after the introduction. The consequence was a rise in prices before the introduction of the currency. However, prices also increased, according to Estonia’s government, because the import of goods became more expensive. This increase in prices had a negative effect on the citizens, whose purchasing power has decreased. Nevertheless, the country is more concerned with the long run. The hope exists that by joining the euro, more will be invested in Estonia. Such a development will have a positive effect on the economy and Estonia’s citizens in the long run. The losses endured in the short run are seen as an investment for the future.

Eesti The Estonian euro can now be found in peoples’ wallets in Estonia, covered with the image of the Estonian map, the word Eesti (Estonia), and the twelve European Union stars. Figures show that people kept their euros in their wallets, right after the introduction. Retail sales declined in the month January and this decline is attributed to the introduction of the euro, as people were hesitant to spend in a time of price instability. It is difficult to forecast the future of Estonia, other than that they are fully dependent on the state and fluctuations of the euro. By joining the zone the country has given up its monetary tools to influence employment and price stability. Now, the European Central Bank is in charge of the monetary policy of the zone. So, Estonia is the 17th member of the Eurozone, something that is of great influence to the people in the country. They are more integrated into the European Union than ever before, are the first ex-Soviet country to join, but have given up the control over their currency. It is a relative short period since they entered, and figures of the impact on the country and its citizens, are still difficult to measure. But the country has hope, and is willing to accept losses in the short run, to harvest in the long run.

Duisenberg school of ﬁnance New thinking in ﬁnance IZmi/ BZa^hhV Gj\\aZh

The story behind Duisenberg school of finance (DSF) is an exceptional one. DSF is venturing a new path in financial education, bringing both real world pragmatism and top intellectual insights to its students through an unprecedented synergy between industry and academia. DSF is an educational institution that focuses on producing tomorrow’s top echelon of financial experts. Experts who are financial masterminds, but also grounded, dynamic leaders. Experts who are readily prepared to move from the classroom to the boardroom. Experts who can apply ‘new thinking in finance’ to discover innovative real market solutions for real market issues.

Founding partners

Admitting Only the Best

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Master’s in Finance Programmes

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World Class Faculty

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both a LLM and MSc programme in Finance

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www.dsf.nl

WO R LD

10 Bites EC LAIRE

of Evolutionary

MAY

2 0 1 1

22 1. You developed a taste for the 'food and friends' combo. >[ ndj i]^c` î h higVc\Z id ZVi VadcZ! ndj gZ cdi VadcZ# I]^c` WVX` [dg V bdbZci id i]Z i^bZh ndj kZ enjoyed most with your friends, ndjg [Vbân dg ndjg eVgicZg# >i h quite likely a significant number of them happened around food. Id ZchjgZ ndjg hjgk^kVa! ndj gZ born with an ability to gain pleasure from both food and social interaction. The part you develop over time is the connection between the two. 7n KVcZhhV 6WZnVlVgYZcV

N CHINA, AN OLD COUPLE METICULOUSLY PICK UP THEIR DUMPLINGS FROM THEIR BROTH WITH CHOPSTICKS, WHILE IN JAPAN, A STUDENT HAPPILY SLURPS MISO SOUP FROM THE BOWL. IN ENGLAND, A CHILD IS TOLD OFF BY HER MOTHER FOR PUTTING HER FINGERS IN THE FOOD, AND IS INSTEAD GIVEN A FORK AND SPOON. MEANWHILE, A MAN IN SRI LANKA GRABS HIS LUNCH, UNWRAPS IT AND PROCEEDS TO EAT THE RICE WITH HIS FINGERS, JUST LIKE HIS COLLEAGUES. WITH ALL THE DIFFERENT STANDARDS OF ETIQUETTE AROUND THE WORLD, IT IS EASY TO FORGET THAT, IN ESSENCE, WE ALL HAVE TO EAT TO SURVIVE, AND WE ALL ENJOY IT. HERE ARE 10 LITTLE NUGGETS TO REMIND YOU THAT WHATEVER COLOUR WE ARE OR LANGUAGE WE SPEAK, INSIDE, WE'RE ALL THE SAME HUNGRY BEASTS.

2. If you want to lose weight, get a table for one. Studies show that people in a group consume more sodium, water, alcohol and food than when eating alone. In fact, when in a group, people may consume up to 60% more food than they would by themselves - starting off with the same degree of hun\Zg# >i YdZhc i ]Zae i]Vi ^i h Y^[Ãcult to distinguish when you need to eat and when you want to.

WORLD

You read that correctly. Counterintuitive as it sounds, if your diet is too low on the calories, your body will go into starvation mode. This means your metabolism will drop and you will pile on the fat as your body tries to conserve its energy stores. Actually, the best way to lose weight is to keep your metabolism up through regular exercise and eating small bites throughout the day.

4. When there's only chocolate and expired milk in the fridge, you'll go for the chocolate. And not just for its caffeine content. Your natural ability to differentiate between bitter and sweet and your subsequent preference for sweet tastes over bitter ones ensure your survival. Your body knows that sweet tastes signal energy and salty tastes mean minerals, while bitter and sour tastes are characteristic of spoiled food. :kZc ^[ ndj Y^Yc i#

Had you ignored your taste buds and ﬁnished that carton of expired milk, your body would have done you a favour and thrown it up. As unpleasant as it is, especially on those otherwise wonderful nights at BED, puking is another reﬂex that is crucial to your survival.

6. The research on spices is peppered with theories. It has been proposed that spices have medicinal benefits like reducing your blood pressure; that they cool you down; and that they mask the taste of spoiled foods. The last one is closest to the most accepted theory: spices act as a natural preservative in foods. How do lZ `cdl4 >i h V [VXi i]Vi [ddY spoils faster in warmer climates. For instance, compare an authentic Indian fish curry lî] 7gî^h] Ãh] c X]êh! dg Indonesian sambal sauce with French dressing. Countries around the equator use significantly more spices, because they need them.

7. Dining etiquette is the bane of greater variety and income. It is unlikely our evolutionary ancestors were chided for placing their elbows on the table. Experts suggest that greater disposable income and variety of food led to the imposition of control, discipline, and social order in eating. You can blame development for why you have to remember to use your cutlery starting from the outermost set.

8. Watch how much you eat at lunch if you've got an exam afterwards. You might know that carbohydrate-rich foods will make you sleepy and happy. You can thank tryptophan, a chemical that reacts in your body as a tranquilizer. This explains why instant mac-and-cheese and a tub of ice cream make the ideal post-breakup dinner. It also partly explains why you want to crawl into bed right after two helpings of pudding after dinner with your family - the other part being the abundance of rambunctious younger cousins in the house.

10. You're salivating while reading this. > ldc i WdgZ ndj l]^X] i]Z much-told story of Pavlov and his dog. But your natural reaction to hearing about or seeing food is one the most basic reactions, essential to your survival. Sometimes, however, that gZhedchZ _jhi ldc i `^X` ^c# >i was found that while expecting a meal and thinking of food you actually like (such as that Big Mac) will make you drool, your salivary glands will quit rather fj^X`an ^[ ndj gZ idaY i]Zn ]VkZ run out of beef and there is nothing there for you to eat. Yes, it sounds like common sense, Wji cdl ndj `cdl ^i h WVX`ZY up by research.

23 2 0 1 1

3. If you want to gain weight, stop eating.

5. If it went into your mouth instead of the bin, it'll end up in the sink.

LZ kZ ]ZVgY i]Z WaVbZ [dg i]Z worldwide epidemic of obesity fall on fast food. But why? Logically, after all these years, we should have gotten used to i]Z [Viin bZVih i]Vi lZ kZ ]VY since hunters ﬁrst brought home a large deer. But the running and jumping we had to do to catch a deer is very different from getting in your car and zipping through the McDrive. On top of that, the serving sizes have increased over recent YZXVYZh# Hd! ^[ ndj gZVaan XVc i abstain from that juicy minced beef patty, hit up the gym to do some running and jumping of your own.

MAY

9. Darwin's face will never replace Colonel Sanders' as the company logo.

EC LAIRE

Psychology

Traineeship Calco MasterClass Dit unieke traineeship staat open voor alle HBO of WO (bijna) afgestudeerden, ongeacht welke studierichting! Heb je een (bijna) afgeronde HBO/WO-studie bedrijfskunde, psychologie, economie, geschiedenis, biologie, communicatie, rechten, bouwkunde of bijvoorbeeld gezondheidszorg technologie? En er ooit aan gedacht om een zeer interessante en succesvolle carriĂ¨re te starten in de ICT? Calco-IT biedt je deze mogelijkheid met het traineeeship Calco MasterClass! &DOFR ,7 ELHGW MH QLHW ]RPDDU HHQ EDDQ ZH ELHGHQ HHQ YROOHGLJ RQWZLNNHOWUDMHFW 'RRU PLGGHO YDQ HHQ WUDLQHHVKLS ZDDUELM MH YDQDI GH HHUVWH GDJ HHQ JRHG VDODULV ]XOW RQWYDQJHQ (HQ VFDOD DDQ RSOHLGLQJV HQ RQWZLNNHOIDFLOLWHLWHQ SHUVRRQOLMNH EHJHOHLGLQJ RS PDDW HQ UXLPWH RP WH JURHLHQ 'H VQHOKHLG HQ GH PDWH ZDDULQ MH FDUULqUH RQWZLNNHOW KHE MH ]HOI LQ GH KDQG 8LWHUDDUG ]LMQ GH DUEHLGVYRRUZDDUGHQ XLWVWHNHQG HQ JHORYHQ ZH GLUHFW LQ HHQ JH]DPHQOLMNH WRHNRPVW 'DDU KRRUW HHQ DUEHLGVRYHUHHQNRPVW YRRU RQEHSDDOGH WLMG ELM â€œIk ben ambitieus, leergierig en resultaatgericht. Ik wil me persoonlijk ontwikkelen en zoek voor het starten van mijn carriĂ¨re een werkgever die mij hierin ondersteunt.â€? ,V GLW HHQ TXRWH GLH YDQ MRX NDQ ]LMQ" 'DQ ELHGW &DOFR ,QIRUPDWLRQ 7HFKQRORJ\ MH GH XQLHNH NDQV RP MH ORRSEDDQ YRUP WH JHYHQ LQ GH Calco MasterClass 1D WZHH PDDQGHQ LQWHQVLHYH LQWHUQH RSOHLGLQJ JD MH RQGHU EHJHOHLGLQJ DDQ KHW ZHUN ELM ppQ YDQ RQ]H RSGUDFKWJHYHUV 0HW RQV XQLHNH 0DVWHU&ODVV FRQFHSW JHHI MH MH ORRSEDDQ HHQ YOLHJHQGH VWDUW 2Q]H RSGUDFKWJHYHUV ]LMQ JHUHQRPPHHUGH ODQGHOLMN HQ LQWHUQDWLRQDDO RSHUHUHQGH EHGULMYHQ EHKRUHQGH WRW GH EDQN HQ YHU]HNHULQJHQEUDQFKH GH ]RUJ GH HQHUJLHVHFWRU HQ GH LQGXVWULH -H JDDW KLHU DDQ GH VODJ DOV ELMYRRUEHHOG IXQFWLRQHHO RI DSSOLFDWLHEHKHHUGHU LQIRUPDWLHDQDOLVW WHVWHU RQWZLNNHODDU RI HHQ YDQ GH YHOH DQGHUH IXQFWLHV %HSDDO MLM RRN JUDDJ ]HOI KRH MH WRHNRPVW HUXLW ]LHW" DO FROOHJDÂśV JLQJHQ MH YRRU Over Calco-IT &DOFR ,7 KHHIW LQ MDDU HHQ JHGHJHQ QDDP QHHUJH]HW LQ GH PDUNW DOV NZDOLWDWLHYH GLHQVWYHUOHQHU LQ GH ,&7 :LM JURHLHQ VQHO GRRU GH WRHQHPHQGH YUDDJ YDQ RQ]H WHYUHGHQ RSGUDFKWJHYHUV $OV YROZDDUGLJ ,&7 GLHQVWYHUOHQHU ]LMQ ZLM JHVSHFLDOLVHHUG LQ KHW RQWZLNNHOHQ YDQ VRIWZDUH KHW RQGHUKRXGHQ YDQ EHVWDDQGH LQIRUPDWLHV\VWHPHQ KHW EHKHUHQ YDQ LQIUDVWUXFWXUHQ HQ WRHSDVVLQJ YDQ NZDOLWHLWV]RUJ ELQQHQ GH ,&7 Succes is een keuze! Informatie 6ROOLFLWHHU QX YLD RQGHUVWDDQGH ZHEVLWH 0LVVFKLHQ NXQ MH RS KHOH NRUWH WHUPLMQ DO EHJLQQHQ .LMN RS ZZZ FDOFR LW QO YRRU PHHU LQIRUPDWLH EHO PHW 5XE\ .HUVWHQ RS RI PDLO QDDU UNHUVWHQ#FDOFR LW QO

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SUCCES is een KEUZE

E N T E RTAI NMENT

10 ways to…

EC LAIRE

...Not Lose Weight

MAY

2 0 1 1

1. Buy a segway 2. Become a michelin guide tester 3. Go to space 4. Become a professional beer pong player 5. Join the national sumo wrestling team 6. Marry Willy Wonka’s granddaughter 7. Consider exercise to be the blinkingduring-soap-opera time 8. Win a yearlong supply of Ben&Jerry ice cream 9. EFR Board Year 10. EgVXi^XZ [dg i]Z VccjVa ¹ZVi Vh bVcn ]di dogs as possible in 3 minutes” competition

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EFR and Mazars organized: Training Networking and Training Me, Myself & I 2 0 1 1

27 But how can you let people share their knowledge? And how can you develop your people? An interesting training is a nice option. EFR would like to teach students more about how they can take advantage of their own personalities, so that’s why EFR decided to organize a training in cooperation with Mazars: Me, Myself & I.

more about themselves. Stuff you won’t learn during boring lectures or Fridayat-nine tutorials. What are your qualities? And how can you inﬂuence the behavior of other people in your favor? These are questions that got to be answered during the training.

What is such a training like? Shortly: it’s very easy. With a group of 15-20 students, we will travel to a company (or the company will visit the EUR campus). The training itself starts with providing information to the student. After this presentation, students will interactively work with the theory they just got teached. At the end of the training, you will have deﬁnitely improved your skills!

Wanna have these answers as well, but forgot to participate in this training? You think it’s hard to learn more about yourself personally, but actually it’s quite simple. The ﬁrst question (‘What are your qualities?’) can easily be answered, but not by yourself! Of course, you have your own view about your qualities, but are these really your qualities, or do you have others? Ask your friends! They know more about you and they will tell the truth. This can really give you a better view about yourself.

The training Me, Myself & I, which was held one month ago, learned students

But how can you inﬂuence the behavior of others? Search in Google to: Rose of

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EFR

AND MAZARS: TWO COMPANIES WITH TWO TOTALLY DIFFERENT GOALS. BUT THEY HAVE SOMETHING IN COMMON: THEY WANT TO SHARE THEY KNOWLEDGE AND CARE A LOT ABOUT PERSONAL DEVELOPMENT OF THEIR EMPLOYEES. OK, EFR IS NOT A ‘COMPANY’ AND DOESN’T HAVE ‘EMPLOYEES’, BUT STILL…

Leary, and you will find all relevant information for answering this question. Reading this text is a good beginning, but of course: participate in the next EFR-Training when you really want to make a step! For EFR and Mazars, this was the second training they organized together. The first one was a training Networking. You are at a drink and you see an important person you definitely want to speak with. How do you start the conversation? What are the do’s and don’ts of the conversation itself? And how do you get his business card for making a second appointment? Really, it’s harder than you think, starting a conversation with having a specific goal for the end of it. By actively participating in such trainings, you will definitely improve your personal skills and will be ready for the next step! And after some years, you will be that important person who everybody wants to speak with ;)!

Marleen van Dijsseldonk, 25 jaar Junior adviseur KPMG Advisory “Onderweg naar een opdracht bij een klant in #Barcelona. Weekendje shoppen eraan vastgeplakt met vriendin daar.”

Voor 24/7 updates over werken bij Audit of Advisory, check de KPMG-bloggers op www.gaaan.nu

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