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About Econosofia Econosofia is a students' club organizing macroeconomics and public policy academic events with guests from institutions such as the World Bank, IMF and the National Bank of Romania and from the private sector. Our sources of motivation are the constant desire to positively influence the Romanian academic and business environment and our ambition to build ourselves into accomplished individuals. In addition to organizing academic events the club's members work on research projects and participate in debates. We are a part of Volunteers for Ideas and Projects, an NGO founded in 1998, with a goal to create and sustain a community of students with high potential. 2008 Economics through a Macrofying Glass Eight days of seminars with Professor Lajos Bokros and guests from IMF, NBR, Bancpost and Ensight. 2008 Ensight Internship A complex project meant to find the candidates with the ideal Ensight profile. Econosofia selected and interviewed the applicants and guided them to the next stage of the process. 2008 BDO Career Day, organized by Econosofia A conference for ASE students interested in accounting and auditing that applied for one of the 40 internships offered by BDO in the summer of 2008. 2008 Econosofia Debate Sessions Two weeks of trainings and a competition of American Parliament debates, with special guests. 2007 Changing Currency, Redefining Economics Ten days of seminars with Professor Lajos Bokros and experts from IMF, NBR, ING and Raiffeisen. 2007 Young Economists’ Conference organized by NBR and CEROPE A paper from Econosofia on optimum currency areas was selected to be presented and published. 2007 Econosofia Debate Sessions Six months of debates with round tables and open forums. 2007 Econosofia Review Electronic review in which members published articles on economics and complementary subjects. 2006 Economics through a Macrofying Glass Seminars held by Lajos Bokros and other guests from the field of macroeconomics. 2006 Risk Management Conference with experts from various fields of finance with a common interest in risk management. 2005 The European Challenge Seminars and workshops contributing to the better knowledge of EU institutions by students. 2004 Dealing with a Functional Market Economy. Romania’s Case Five days of seminars facilitating the contact between international professors and romanian students. 2004 Romania in the EU: Premises and Perspectives

Conference aiming to facilitate the dialogue between present decision makers and their successors. 2004 Monetary Policy Seminars Debates between monetary policy professionals, mostly from NBR, and students. 2002 Structural Reform in Romania “It gathered more important personalities than any PR agency from Romania.” (Capital Magazine)

Executive Summary Our project is part of a series of annual academic events on macroeconomics, financial markets and public policy having as key guest Mr. Lajos Bokros, PhD at the Central European University, former director at the World Bank. During the five days of seminars students will have the opportunity to interact with prominent economists from the banking sector and from institutions such as the World Bank, IMF and the National Bank of Romania. Also, prizes will be awarded to the most active participants.

Goals ✓to complement the education received in college, ✓to encourage and reward performance, ✓to strengthen 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, ✓becoming a blueprint for those passionate about macroeconomics in the academic environment.

Target Group The applicant's profile: ✓bachelor/master student with a strong focus on macroeconomics and public policy, ✓good knowledge of the English language, ✓communicative and responsible. The selection process consists of an application form and interview.



08:50 - 10:30

Lajos Bokros

Lajos Bokros

11:00 - 12:30

Lajos Bokros

Lajos Bokros

14:00 - 14:30 14:30 - 15:00

Mugur Tolici [1] Mugur Tolici




Lajos Bokros Break

Lajos Bokros

Lajos Bokros

Lajos Bokros

Lajos Bokros

Lajos Bokros

Camelia Savoiu [7] Camelia Savoiu Philippe Platon [8]

Tony Lybek [10] Tony Lybek Tony Lybek

Philippe Platon

Tony Lybek


15:00 - 15:30 15:30 - 16:00 16:00 - 16:30 16:30 - 17:00 17:00 - 17:30 17:30 - 18:00 18:00 - 18:30 18:30 - 19:00 19:00 - 19:30 19:30 - 20:00

Mugur Tolici Mugur Tolici

Adrian Bradea [4] Adrian Bradea Gabriel Sincu [2] Gabriel Sincu Gabriel Sincu Florin Citu [3] Florin Citu Florin Citu

Bogdan Baltazar [5] Bogdan Baltazar Bogdan Baltazar Anca Paliu Dragu [6] Anca Paliu Dragu Anca Paliu Dragu

Valentin Lazea [9] Valentin Lazea Valentin Lazea

Schedule & Guests [1] Mugur Tolici - National Bank of Romania, Main Advisor * Measures Taken by the Central Bank and by the Main Financial Institutions to Overcome the Crisis [2] Gabriel Sincu - Mazars, Senior Manager, Head of Tax & Compliance Services * The Flat Tax Rate - a Macroeconomic Policy Instrument [3] Florin Citu - ING, Head of Sales * Are the NBR policy and the fiscal policy right for the current economic conditions? Is the euro adoption a solution? [4] Adrian Bradea - Raiffeisen-Banca pentru locuinte, Distribution Director * Real Estate Banks- a Solution Immune to the Crisis [5] Bogdan Baltazar - Financial consultant * Some Causes of the Current Financial Crisis [6] Anca Paliu Dragu - IMF Regional Office for Romania and Bulgaria, Regional Economist * IMF Lending in Times of Crisis

[7] Camelia Savoiu - Lafarge, Communication Manager

Legend ASE - Room Robert Schuman ASE - Room 2013 ASE – Board Room Lafarge headquarters

* Short History and Values of Lafarge. Sustainable Development [8] Philippe Platon - Lafarge Ciment, CFO * Management in Times of Crisis - Lafarge [9] Valentin Lazea - National Bank of Romania, Chief Economist * The Romanian Economy in the Context of the International Crisis [10] Tony Lybek - IMF, Senior Regional Representative for Romania and Bulgaria * The Importance of Central Bank Autonomy, Authority and Accountability

Lajos Bokros teaches macroeconomics and public policy at CEU and he has been our key guest since 2002. Prof 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. Mugur Tolici is currently the main advisor to the governor of the National Bank of Romania. He published papers on the balance of payments financing in Romania and the role of foreign remittances. At Economics through a Macrofying Glass he held a seminar on nominal convergence versus real convergence. Gabriel Sincu is a graduate of the Finance and Banking Faculty of the Academy of Economic Studies, Bucharest, and a certified accountant in Romania. He has expertise in corporate taxation law with emphasis on profit tax, VAT, withholding tax, international regulations on transfer pricing. Gabriel Sincu is also involved in several assignments regarding tax planning for foreign investors that operate in Romania, as well as taxation of foreign citizens working in Romania under secondment agreements. 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. On the 10th of May 2008 he held a seminar for Econosofia on: "NBR's monetary policy framework, from the current stance to Euro adoption". Bogdan Baltazar, former president of BRD 1998-2004, has received a PhD in Economics from the City University of New York and is, at present, an independent financial consultant. Among the several important positions he occupied we mention: President of BRD and manager for the Departments of North and South America in the Ministry of Foreign Affairs. Anca Paliu Dragu graduated in Finance and Banking from the Academy of Economic Studies, Bucharest, in Economics and International Business from the George Washington University, Washington DC, USA, and in Public Policy and European Integration from the National School of

Political Studies, Bucharest. Mrs. Paliu Dragu has been an economist at the IMF office since 2001. Prior to that she was an economist of the National Bank of Romania, Refinancing and Open Market Operation Department, and Regulation Department, which she joined in 1996. 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. For Econosofia, he held a seminar about the advantages and disadvantages of adopting the Euro. 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.

Testimonials Dear Students, It was once again a great pleasure and privilege to be here with you [...]. I congratulate the organizers for putting together an excellent program for the week and the participants for their patience, passion and devotion to the subjects which are so important for Romania to have a prosperous future. Multumesc frumos si toate cele bune! Lajos Bokros ď ś Ma intalnesc din nou cu stralucitii (realmente) econosofi. A fost o incantare sa aud opinii si ĂŽntrebari destepte, informate, pertinente. Sa va ajute Dumnezeu sa ramaneti si sa cresteti asa! Cu multa caldura, Bogdan Baltazar ď ś

Calitatea intelectuala a intalnirii cu dumneavoastra m-a impresionat. Sunt sigur ca veti schimba lumea. Cu prietenie si admiratie, Emil Hurezeanu ď ś Thanks very much for the opportunity to speak to an open and dynamic group representative of the best of Romania’s young people. I hope that I can organize my life better next year so as to be available for a longer discussion. Good luck, Jonathan Scheele

Project organizers Stefania Apostol Project Manager

Bogdan Barseti

Oana Furtuna

Sales, Logistics

Sales, Recruitment

Flavia Caia

Alecsandra Ghita

Sales, IT

PR, Logistics

Andra Culita

Erminia Jilavu

Sales, HR

PR, Recruitment

Victor Dumitrache

Raluca Manolache


Sales, Logistics

Raluca Enache

Diana Moldovan

Marketing, PR

Sales, Recruitment

Special thanks to

Loredana Coscotin

Bianca Ilarie

Project assistant


Robert Batca

Laura Roman

Project advisor, IT


Madalina Calen

Traian Delca



Gabriela Radu

Irina Harau

PR, Recruitment

PR, Recruitment

Irina Stanga

Anca Nastase



Special thanks to Raiffeisen– Banca pentru locuinte Adrian Bradea, Oana Mihalcea

Mazars Gabriel Sincu, Simona Stefanescu

Lafarge Philippe Platon, Camelia Savoiu

Expert Serv





EMG 2009 Map  
EMG 2009 Map  

For Guests and Participants