economics through a macrofying glass summer school
17-25 july 2010 bucharest
about Econosofia and Economics through a Macrofying Glass Summer School Econosofia is the only club that proposes to reunite students with a vested interest in economics, geopolitics and finance. Founded in 1998, its core activity resides in forming the future specialists of the Romanian economic environment. Apart from our traditional annual projects, Economics through a Macrofying Glass Summer School and Econosofia Debate Sessions and, starting 2010 we started organizing the monthly Econosofia Conferences. Over the last 12 years, Econosofia has maintained close ties with numerous representatives in the public sector as well as with famous economic analysts, such as Professor Lajos Bokros, PhD, former World Bank Chairman, Lucian Croitoru of the National Bank of Romania (BNR), Valentin Lazea (BNR), Florin Cîțu or Tony Lybek. Economics through a Macrofying Glass (EMG) is a traditional Econosofia project, whose main goal is to improve students elite’s knowledge of macroeconomics, geopolitics and public and monetary policies. In the 7 past editions, the project underwent annual changes and improvements, resulting in last year’s summer school.
executive summary Economics through a Macrofying Glass is part of a series of annual academic events on marcoeconomics, financial markets and public policy organized by our club and having as key guest Mr. Lajos Bokros, PhD at the Central European University, former director at the World Bank. Goals of the project: - to complement the education received in university; - to encourage and reward performance; - to strengthen the links between students and their potential employers; - to create a network of high potential students; - to ensure the continuous development of generations of students in the macroeconomic field; - to become the main event for those passionate about macroeconomics in the academic environment; To better achieve these goals, EMG changed its structure, becoming a summer school. The summer school took place between the 17th and the 25th of July 2010, in Bucharest. During these 8 days the students had the opportunity to interact with prominent economists from the banking sector, from institutions such as the IMF and the National Bank of Romania and attend an advanced course on macroeconomics, presented by our main guest, Lajos Bokros, PhD. The overall theme of the summer school was “The East vs the West and the New Economic World Order” with sub-topics such as “The sustainable development of China”, “Post-crisis regulations”, “Moral hazard examples: Greece” and “Systemic risk: are banks too big to fail” which were discussed thoroughly.
executive summary In addition to the course and the seminars, the participants worked in teams to produce research papers to deepen their understanding of the subjects discussed, the best one of which was awarded and afterwards published in the Econosofia Journal. The 24 participants were selected from a total of roughly 60 applicants. The selection process consisted of an application form and an interview. At the end of the project every participant received a diploma, while the most active ones were awarded prizes such as books and subscriptions to high quality economic publications. Partners Gold partner: BCR Silver partners: OTP Bank, ACCA Sponsor: Mazars Logistic partners: Lafarge, Cyrom Romania, Publica Media partners: IqAds, HIPO, Ejobs, Walstreet, Studentie.ro, Metropotam.ro, Money Channel etc. (can be seen on our printed materials) Special features In a report made by DaedalusMillwardBrown regarding the whole organization (VIP) and its position relative to other organizations, EMG came out as the most interesting project (79.5% of the respondents) with a remarkable impact on the professional future of its participants. The overall coefficient of the project was 4.67, on a scale where 1 is “least pleased” and 5 si “very pleased” with the outcome of the summer school.
guests and schedule Lajos Bokros teaches macroeconomics and public policy at CEU and he has been our key guest since 2002. Professor Bokros has a vast experience in the fields of macroeconomics and public finance, which he gained as Director at The World Bank, Economic adviser to the DPM of Poland, Minister of finance in Hungary, Chairman and CEO at Budapest Bank, Chairman and CEO at Budapest Stock Exchange. His fields of interest include Macroeconomic Issues and Policies, Inter Governmental Fiscal Relations and Economic Policy Alternatives. Florin Citu works as Head of Sales / Deputy Head of Financial Markets for ING Romania. He received his PhD from Iowa State University and started his professional experience within The Reserve Bank of New Zealand. He was Chief Economist at ING Bank Romania, and a member of The Economists European Association. Valentin Lazea, chief economist at the National Bank of Romania since 1999, studied at Sussex University in Brighton and at the IMF Institute In Washington DC. He was also state secretary in the Ministry of Finance. Tony Lybek is a senior economist in the Monetary and Financial Systems Department (MFD) of the IMF. He joined the Danish central bank, where he worked in the Foreign Department (managing international reserves) and the Monetary Policy Department. In 1992 he joined the Fund, where he has worked in the Fiscal Affairs Department, European II Department and MFD. He specializes in central bank legislation and payment systems, but covers a broad range of financial sector issues. Niels Schnecker is a financial consultant and Senior Partner of Schnecker van Wyck and Pearson. A former economic consultant at the White House, he studied both law and economics in France, where he received his PhD in Economics from University of Sorbonne.
7.30-8.20 9.0010.30 10.3011.00 11.0012.30 12.3013.00 13.0014.00 14.0015.00
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Saturday, July 17 Breakfast Bokros I
Sunday, July 18 Breakfast Bokros I
Coffee Break Coffee Break Coffee Break
Tonny Lybek (FMI)
Blaire LaBarge (economic counselor US embassy)
Oliver Olson - Personal Leadership Oliver Olson - Personal Leadership Vladimir Saramet (BNR) Vladimir Saramet (BNR)
Monday, July 19 Breakfast Bokros I
Tuesday, July 20 Breakfast Bokros I
Tonny Lybek Niels (FMI) Schnecker Niels Schnecker Gabriel Sincu (Mazars)
Wednesday, July 21 Thursday, July 22
Friday, July 23
Breakfast Bokros I
Breakfast Bokros I
Breakfast Bokros I
Florin Citu (ING)
Robin Barnett (Ambasadorul UK) Robin Barnett (Ambasadorul UK)
Valentin Lazea (BNR)
Lucian Croitoru (BNR)
Anca Paliu-Dragu (FMI)
Valentin Lazea (BNR)
Lucian Croitoru (BNR)
Florin Citu (ING)
Bogdan Baltazar (consultant)
Anca Paliu-Dragu (FMI)
applicants Target Group The EMG participant: - is a bachelor/master student with a strong focus on macroeconomics and public policy; - is available, responsible, motivated, communicative and openminded; - has an analytical way of looking at processes and a sharp insightful mind; - has a solid knowledge of English (both spoken and written).
Admission Process The admission process consisted of two steps: completing an application and passing an interview. The application form PART 1 Contact details (name, faculty, studying year, e-mail, telephone number etc.) 1. What are your primary sources of information? 2. Tell us about your most notable curricular and extra-curricular activities. 3. What personal qualities recommend you for participating at Economics through a Macrofying Glass Summer School? PART 2 1. Compare the monetary policies of two countries of your choice (in the past 2 years). 2. How do you rate de importance of the dollar today? How about 10 years from now?
applicants 3. In no more than 700 words, please state your opinion about the current Great Recession, the countries that will win the most from it, the place that Asia now has or will have, owing to the crisis, on the global arena. Please note that the sub-topics mentioned are for orientation purposes only; you are free to elaborate on whichever aspect(s) of the topic proposed you enjoy most. Interview Excerpts from the list of questions: - How is a financial crisis transmitted? - What is the difference between liquidity and scarcity? - Why is deflation a bigger problem than inflation? - What could lead to a breakdown in the Monetary Union? What would be the immediate consequences of such a breakdown? - What measures can be taken by the governments of the EU members to avoid situations similar to Greeceâ€™s? - If you were to choose between state intervention/regulation and a laissez-faire politics, allowing the market to regulate itself, what solution would you choose for a faster rehabilitation of the financial system? - Analyze the international capital flows of the last two years (predictions for the next 2 years). - Explain the concept of welfare and talk about the implications of the welfare state.
List of participants First Name
Mihaela Sergiu Ileana Ovidiu Bogdan Alexandru Anca Voica Ionut Andreea Mihaela Ofelia
Roman Damian Alexe Florian Acrismaritei Tomulet Dinita Voica Petcana Buda Beke
B2 B2 M2 B3 B2 M1 M1 M1 M1 B3 B2
Ana-Maria Claudia Anca Crstina Simona Viviana Tudor Eniko Cristina Luiza Anca
Ghica Ciuciu Nicola Dobos Dascalu Zamfir Stancu Borboly Tiron Pandioniu Isbasoiu
AES - IBE AES - FM AES - IBE AES -BA AES - IBE AES - IBE AES - IBE AES - FE AES - IBE FILS, 3 Studii Europene,2 AES - BA European College of Liberal Arts, Berlin AES -BA AES - FE AES - IBE AES - IBE AES - IBE AES - BA Reading, 3 AES - FC AES - BA AES - BA AES - BA
B2 B2 B1 B1 M1 B3 B2 B2 B3 B3 B2 M1 B1
Abbreviations: AES – Academy of Economic Studies, IBE – Faculty of International Business and Economics, FM – Faculty of Marketing, BA – Faculty of Business Administration, FE – Faculty of Economics, FC – Faculty of Commerce B stands for Bachelor and M for Master’s degree, followed by a number which represents the year.
promoting the project Well prepared participants aside, a high quality project needs to be equally well promoted, both within the academic environment and outside of it. First and foremost we used classic methods of getting the message accross such as printed materials distributed in student campuses, online and offline media coverage and most of all e-groups. These were completemented by a preevent conference organised several months before the summer school actually started, which was broadcasted in real time by the Money Channel.
Pre-event conference On May 13 2010 we organised the conference in order to promote the project through more direct means. The panel was called â€œThe development of Romanian economy by 2015â€? and was moderated by Radu Soviani. Part of the conference was broadcasted live on The Money Channel and the viewers, as well as the 93 participants, saw Lucian Croitoru (economist at NBR), Theodor Stolojan (Member of the European Parliament), Niels Schnecker (consultant) and Dorin Mantescu (Ministry of Finance) discuss the issue in depth. Conference poster
online media coverage
offline media and print coverage The summer school was promoted through the following printed materials in the faculties of the Academy of Economic Studies and its surroundings. Pre-promotion at the Romanian International University Fair
E-mails sent to a data-base of 80 e-groups, with aproximately 60.000 users: Curious to discover The East, the West and the New Economic World Order? Econosofia presents Economics through a Macrofying Glass Summer School, which will be held in Bucharest between July 17 and 25, 2010. If you are passionate about macroeconomics, public policy and financial markets and want to discuss the predicted outcome of the Great Recession, this is the summer school for you. The challenge will be launched by our traditional guest Lajos Bokros - PhD at the Central European University, former Director at the World Bank and Minister of Finance in Hungary, and by prominent economists, such as: Bogdan Baltazar - Financial Consultant, former President of BRD 19982004; Valentin Lazea - National Bank of Romania, Chief Economist; Florin Citu - ING, Head of Sales / Deputy Head of Financial Markets; Lucian Croitoru - National Bank of Romania; Niels Schnecker - PhD, financial consultant. and many more! Do you want to be one of the 25 students that will take a look into the future of the world economy? Then apply here until June 14, 2010. For more details visit our website: emg.econosofia. org Economics through a Macrofying Glass Summer School is made possible through the support of our gold partner - BCR, our silver partner - OTP Bank and our bronze partners - ACCA, Pfanner, Mazars and Lafarge. *Each partner had its name link to its website.
Will the yuan replace the dollar? Will the eurozone become obsolete? Will this text be written in Chinese 20 years from now? Who knows? What we can teach you is macroeconomics, public policy, banking and international relations. Itâ€™s up to you to figure the answers out, at Economics through a Macrofying Glass Summer School 17-25 July 2010, Bucharest, with the help of: Lajos Bokros, former World Bank Director, professor at the Central European University Blair Labarge, the Head of the Economic Department at the US Embassy in Bucharest, Tony Lybek, economist at the IMF, Lucian Croitoru, economist at NBR, Niels Schnecker, financial consultant, Bogdan Baltazar, consultant, and many more. Be one of the 25 students that will discover the new economic world order at EMG Summer School! Apply here until June 14, 2010. For more details visit our website: emg.econosofia. org Economics through a Macrofying Glass Summer School is made possible through the support of our gold partner - BCR, our silver partner - OTP Bank and our bronze partners - ACCA, Pfanner, Mazars and Lafarge. *Each partner had its name linked to its website.
Press release Clubul de economie Econosofia, din cadrul asociației studențești Voluntari pentru Idei și Proiecte, organizează, în perioada 17-25 iulie 2010 la București, școala de vară Economics through a Macrofying Glass pe tema Est vs. Vest și noua ordine economică mondială. Proiectul constă în nouă zile de seminarii si conferințe, la sfârșitul cărora cei 25 de participanți vor prezenta o lucrare de cercetare ce va trata exhaustiv tema proiectului. Această lucrare va încerca să descrie noua paradigmă economică și va fi publicată ulterior, în Econosofia Journal. Economics through a Macrofying Glass este adresat studenților pasionați de macroeconomie și politici publice, avand invitati precum domnul Lajos Bokros, fost Director la Banca Mondială, profesor la Central European University, Bogdan Baltazar, Niels Schnecker, Lucian Croitoru, Tony Lybek, Anca Paliu-Dragu. VIP este o organizatie non-guvernamentala, non-profit, bazata pe voluntariat si alcatuita exclusiv din studenti. De 11 ani organizeaza anual peste 10 proiecte de dezvoltare personala pentru studentii si masteranzii din Romania, programe sustinute de companii, mass-media si statul roman. Școala de vară Economics through a Macrofying Glass se desfășoară cu sprijinul BCR (partener Gold), OTP Bank (partener silver), Pfanner, ACCA (parteneri bronze), Mazars și Lafarge (sponsori). Pentru detalii și înscriere, vă invităm să accesați www.emg.econosofia.org
Our partners BCR’s sponsorship amounted to 4,000 EUR which covered expenses such as students’ accommodation, meals, logistics, communication and FMCG.
OTP offered a sponsorship of 3,000 EUR to cover the costs incurred for Mr Bokros. It includes the 2,000 EUR fee, the plane ticket, accommodation and meals throughout his stay.
ACCA supported the project through a 1,000 EUR sponsorship, which was spent on consumables and protocol throughout the project and part of the students’ accommodation. The partnership with Mazars, which commenced in 2009, was extended for this year’s edition. It consists of a 500 EUR sponsorship, used for students’ meals and various consumables, and 100 posters for the conference.
Lafarge Romania, one of our long standing partners, has supported EMG since 2005. For the 2010 edition the partnership consisted of several printed materials and consumables. Cyrom Romania contributed to our project with a sponsorship consisting of approximately 200l of beverages, including Pfanner natural juices, Bio flavoured waters and Voelslauer water.
Budget and expenses The summer schoolâ€™s original budget amounted to close to 10 000 Euro but thanks to our inkind sponsors we were able to greatly reduce the costs and provide the same facilities to our guests and participants. Thus the cost for pormotion was significantly reduced due to an inkind partnership as were the costs related to accomodation for the participants, thanks to the support of the Academy of Economic Sciences. As it stands, our expenses were divided into three categories: those relating to promoting the project, those relating to organizing it and those that refer strictly to the summer school itself.
Organizing the project
Promoting the project
testimonials Cu speranţa că o parte din mesaje vor fi preluate şi transmise mai departe. Mult succes! (Valentin Lazea) Un grup de tineri debordând de ininţiativă, idei frumoase şi plini de energie. Ţineţi-o tot aşa, sunt convins că oameni ca voi pot schimba cu adevărat economia României in bine! Succes! (Gabriel Sîncu) It’s always refreshing to return in front of the young generation and reassure myself that this chaos we have been able to create will remain as a challenge and not as a weight to it. Blue skies! (Niels Schnecker) Vă consider speranţa României pentru ca sunteţi deschişi la minte. Ca să fiţi mereu buni pentru voi şi ţara voastră, trebuie să rămâneţi aşa. (Lucian Croitoru) Cum v-am spus, încercaţi să nu vă lăsaţi cuprinşi de deznădejde când vă uitaţi în jur. Creaţi-vă calea voastră in „fanatism”, pentru a depinde cât mai puţin de ambientul uman. Şi, nu uitaţi, aveţi o singură ţară! (Bogdan Baltazar) Thank you very much for the invitation to speak to your group today. I look forward to continued opportunities for cooperation between the U.S. Embassy and ASE. (Blair LaBarge) There is a great pleasure to discuss with well-prepared, enthusiastic students and this experience I had each time at the EMG event of Econosofia. An important ingredient of the countries’ progress is the level of education, accumulated knowledge and fresh spirit for development. I see Econosofia as an active participant in this process. Congratulation for continuity and quality of the event and I wish further success in the future! (Rozália Pál)
the EMG 2010 organizing team Raluca Enache - Project Manager Mircea Cernea - Sales Roxana Popescu - PR, Sales Bianca Guță - PR, HR Andra Culiță - PR, HR Vlad Vasilescu - Sales Gabriela Radu - Marketing, HR Andreea Popescu - Sales Roxana Dumitru - PR Marian Zechiu - HR Anca Ioan - PR, Sales Many thanks to: Irina Hărău, Flavia Caia, Ștefania Apostol, Horațiu Mitu, Nicoleta Gologan, Adelina Bîzoi
www.emg.econosofia.org email@example.com www.econosofia.org www.vipromania.ro
Raluca Enache, Project Manager (+4) 0765 425 856, firstname.lastname@example.org
ECONOSOFIA, CLUB OF VOLUNTEERS FOR IDEAS AND PROJECTS, MIHAIL MOXA STREET, NO 5-7, ACADEMY OF ECONOMIC SCIENCES, ROOM 3007, DISTRICT 1, BUCHAREST, 010961, COD IBAN: RO 35 RNCB 0082 04441 6126 0001, FISCAL CODE: 11875028