Worksheet

3RD YEAR TRANSLATION STUDIES
BUSINESS ENGLISH AUTUMN TERM 2016-2017

Course coordinator: Roxana-Cristina Petcu, PhD
WORKSHEET 1
I.TRANSLATE INTO ROMANIAN:

Almost unnoticed, Japanese companies are starting to turn away from their obsessive pursuit of market share
towards a more western-style stress on profitability and return on equity. The change will have a profound
effect on how corporate Japan manages itself. The shift in strategy has been partly prompted by a worse-than-
expected economic slowdown. But Japanese companies have also begun to realise that there is a practical limit
to the pursuit of market share. Quite apart from the political constraints imposed by the threat of a protectionist
backlash, there are also sound commercial reasons for changing course. In the easy credit conditions of the late
1980s, the pursuit of market share almost regardless of cost led to wasteful spending, diseconomies of scale and
a proliferation of products that are now clogging Tokyo warehouses. Corporate Japan faces the prospect of a
third consecutive year of declining company profits in the fiscal year to March. This will be the first time this
has occurred since 1945, which is one good reason why the Tokyo stock market is depressed. Other signs of
corporate weakness abound. Inventories have soared. Industrial output will decline by 4% in the first three
months, the biggest drop since 1975.The most dramatic change to come, however, may be in capital spending.
Robust private-business investment has been at the core of Japanese economic strength. Japanese firms
indulged in investment overkill in the so-called Heisei boom which began in late 1986 and ended in
1991.Capital spending accounted for two-thirds of the growth in real GNP during those five years. But business
spending was even greater than this figure suggests, since firms spent lavishly in the boom years buying land at
crazy prices on which to build unproductive assets like corporate dormitories. Yet, land is not included in
official measures of capital spending.
II.DECIDE WHICH OF THE THREE ALTERNATIVES GIVEN MEANS APPROXIMATELY THE

SAME THING IN THE CONTEXT OF THE PASSAGE AS THE WORD(S) IN ITALIC TYPE:
1.market share:a.the business of dealing in stocks and shares; b. an enclosed area in a market place; c.the
proportion of the total demand that is supplied by a particular manufacturer or brand.
2.equity: a.fairness; b.the part of a company’s capital that belongs to the shareholders; c.a branch of law.
3.slowdown: a.reduction in activity;b.protest by workers in which they deliberately work slowly and cause
problems; c.collapse.
4.backlash:a.revolt; b.acceptance; c.strong reaction against
5.regardless of :a.taking something into account; b.in spite of; c.on condition
6.diseconomies of scale:a.decreases in costs; b.increases in efficiency; c.decreases in efficiency and rising costs
7.clog:a.free; b.jam; c.not to allow free movement
8.prospect:a.view; b.chance; c.expectation.
9.stockmarket:a.stock exchange; b.open-air market; c.the market in which goods are traded.
10.inventory :a.detailed list of things; b.raw materials and unsold stock held by a business; c.list of furniture
provided by the owner the tenant.
11.soar :a.tower; b.decrease;c.rocket.
12.overkill:a.lack; b.average; c.excess.
13.figure :a.form; b.person; c.digit
14.lavishly : a.generously; b.economically; c.sparsely.
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15.assets : a.liabilities; b.debts; c.possessions.
III.TRANSLATE INTO ENGLISH:

PACIENŢII FMI SE VINDECĂ DIN CE ÎN CE MAI GREU
Odinioară era confortabil să crezi că sistemul financiar internaţional era un Dumnezeu bun şi drept.Ţările care
înregistrau mari deficite bugetare şi împrumutau din străinătate pentru a finanţa consumul, mai degrabă decât
investiţiile, erau pedepsite prin fuga capitalurilor şi deprecierea monedei naţionale.Ţările care duceau o politică
prudentă erau recompensate prin creştere sănătoasă şi un flux stabil al veniturilor din investiţii.La adunarea
anuală din octaonbrie, de la Washington, reprezentanţii FMI şi ai Băncii Mondiale, împreună cu miniştrii de
finanţe şi reprezentanţi ai marilor bănci, s-au confruntat cu o realitate complet diferită.Ţări cum sunt Coreea de
Sud, Thailanda, Malaezia şi Indonezia care, timp de decenii, au fost considerate modele de dezvoltare pentru
restul lumii, au fost răvăşite de fuga capitalurilor.În acelaşi timp, planurile de salvare ale FMI pentru aceste ţări
nu par să funcţioneze.Şomajul şi nivelul dobânzilor au răbufnit, monedele s-au prăbuşit şi prosperitatea s-a
transformat în pauperizare şi revolte.Fluxul fondurilor private către aceste ţări s-a îngustat până la stopare.Chair
şi Thailanda, care a făcut progrese însemnate ăm modernizarea sistemului său financiar şi legislativ, nu se va
putea redresa decât peste ani.Pe ansamblul ţărilor asiatice lovite de criză se va înregistra în acest an o contracţie
de 5%, potrivit Agenţiei Standard&Poor’s, faţă de creşterea medie de 5% în anii 1996-1997.Cu atât mai grav
este faptul că încercările de asanare a crizei, care se rostogoleşte peste noi şi noi pieţe, nu au avut succes - vezi
Rusia şi America Latină.Ultima victimă este Brazilia, unde piaţa de capital s-a prăbuşit cu 40% în câteva luni.A
apărut, ca urmare teama că o serie de deficienţe vor genera o dezordine în sistemul financiar
global.Reverberaţiile crizei au ajuns şi în SUA, prin colapsul înregistrat de Fondul de investiţii Long-Term
Capital Management.
IV. MATCH THE TERMS IN LIST A WITH THEIR DEFINITIONS IN LIST B; TRANSLATE THESE
TERMS INTO ROMANIAN .
A. exchange rate ; interest; mortgage; an overdrawn account; savings account; current account; pension;
disability allowance; child benefit; grant
B.a bank account with minus money in it; money paid towards the cost of raising a family ; money given by the
government for education,welfare,etc.; an account that is used maninly for keeping money; money paid to
people after a certain age; money chargeable to a loan; an account that cheques are drawn for day-to-day use; a
loan to purchase property; the price at which one curreny can be exchanged for another currency; money paid to
people with a handicap
V.MATCH THE TERMS IN LIST A WITH THEIR CORRECT DEFINITION IN LIST B,

TRANSLATE THEM INTO ROMANIAN AND USE THEM IN SENTENCES OF YOUR OWN:
A. MONETARY POLICY; COMMODITY PRICE; EXCHANGE RATE; EMPLOYMENT; GROSS

DOMESTIC PRODUCT; PUBLIC EXPENDITURE; BALANCE OF PAYMENTS; CAPITAL FLOW;
FOREIGN RESERVES; STATE ASSETS
B. all property owed by the state; that part of the national product remaining after taking away the country`s net
income from abroad; movement of capital as if in a steam; money spent by the government on the needs of the
country, public services, etc; the control of a country`s currency and its system for lending and borrowing
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money, especially through the supply of money; the difference between the amount of money a country
pays for its imports and the amount it receives for its exports; the amount of foreign currency that a country
has; the state of having paid work to do; amount of money to be paid for a useful article that needs a
manufacturing process before it is ready for the consumer; the price at which one currency can be exchange for
another currency
VI. Fill in the blanks with the appropriate words in the list below:
DEBENTURES, SHARES, ISSUES, AUTHORISED CAPITAL, LODGE, SUBJECT, MANAGEMENT,

FINANCIAL RESOURCES, DEMAND, FREEDOM, BUSINESS, CAPITAL, LOSS, INCORPORATION.
Before any business starts, ......... must be raised and the amount of capital and the methods of raising it depend
on the type of .......... organisation.The sole trader has control of his capital with almost complete ....... from
external interference, but his business can succeed only when the commodities are in regular ....... and the
expansion of his business is limited to the ...... of the owner.The partners not only take an active part in the ......
of the business but they share the resulting profit or ...... as well. The utility service companies are granted
special privileges and rights but they are .......... to restrictions for consumer protection.Before a public or
private company begins business, it must ...... with the Register of Business a number of documents.The amount
of the ...... must be stated in the Charter of the Company.The Registrar ........ the Certificate of ....... . The
working capital is obtained by the issue of ....... . If a company finds its capital fails to meet its requirements it
can obtain additional funds by the issue of .......... .

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WORKSHEET 2

If the ECB is squeamish about funding governments, it is quite content to provide banks with cheap, long-term
cash that might be used to buy sovereign bonds. Yet the ECB’s offer of unlimited liquidity to banks is not a
close substitute for direct bond purchases. The ECB’s qualms put the onus on governments to bolster the euro
zone’s rescue resources to stem a self-fulfilling run on the bond markets of Italy and Spain. But the EU summit
fell short of what was required, just as all previous such gatherings had. Much diplomatic effort was wasted on
securing a new “fiscal compact”, which tries to build upon the rubble of the failed stability and growth pact.
The new pact commits euro-zone members to a structural budget deficit (ie, allowing for the economic cycle) of
no more than 0.5% of GDP a year. This fiscal rule is to be hard-wired into each country’s constitution to make
compliance likelier. Fines for breaching the “old” pact’s limits of a 3% of GDP budget deficit will be automatic,
unless voted down by the bulk of the euro zone. The pact’s rigidity would make recessions worse, and the new
fiscal rule would not have kept Ireland or Spain out of trouble. The commitment to the compact might at least
have eased bond-market tensions if it were presented as a staging post to a fiscal union or to common bonds.
Sadly, there was no mention of Eurobonds in the summit’s final communiqué. Nor was there enough progress
in increasing the rescue funds for troubled sovereigns. The summit pledged up to €200 billion of new money for
the IMF to deal with the crisis in the hope that other contributions from outside Europe might follow. The euro
zone’s permanent rescue fund, the European Stability Mechanism (ESM), may come into operation as soon as
June, a year earlier than planned, and will be able to respond to a new emergency as soon as 85% of the euro
zone (by voting weights) gives it clearance. But any increase in its €500 billion kitty will not be considered until
March. Even if the summit’s pledge of €200 billion to the IMF is matched by others and then combined with the
€250 billion or so that is left in the euro zone’s temporary rescue fund, the money available would be barely
enough to cover the borrowing needs of Spain and Italy over the next two years. It is well short of what was
needed to persuade skeptical investors that big euro-zone countries are safe from runs on their bond markets.
And though the Brussels summit ruled that private-sector “involvement” (ie, losses) would not be mandatory
were a country forced to tap the ESM, reliance on IMF funds to augment the euro zone’s own resources will
make investors nervous. The IMF usually gets its money back first, leaving private investors to take any losses.
This package was supposed to save the euro but is clearly inadequate. Unless a more impressive cure for the
euro’s ills is agreed soon, it is hard to see it surviving the next year intact.
II.DECIDE WHICH OF THE THREE ALTERNATIVES GIVEN MEANS APPROXIMATELY THE
SAME THING IN THE CONTEXT OF THE PASSAGE AS THE WORD(S) IN ITALIC TYPE:
1. fund: a) finance or underwrite a business, program, or project; b) a collection of assets belonging to a trust,
held by the trustees for the beneficiaries; c) an investment vehicle that is made up of a pool of funds collected
from many investors
2. sovereign bonds: a) an instrument of indebtedness of the bond issuer to the holders; b) bonds issued by
governments. They can be either local-currency-denominated or denominated in a foreign currency; c)
a bond that a corporation issues to raise money effectively in order to expand its business.
3. liquidity: a) a high volume of activity in a market.; b)the state of being neither a gas nor a solid ; c) liquid
assets
4. run on: a) a particular type; b) a long vertical hole; c) a situation that occurs when a large number of bank or
other financial institution's customers withdraw their deposits simultaneously due to concerns about the bank's
solvency.
5. bond market: a) primarily includes government-issued securities and corporate debt securities, and facilitates
the transfer of capital from savers to the issuers or organizations requiring capital for government projects,
business expansions and ongoing operations.; b) a medium that allows buyers and sellers of a specific good or
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service to interact in order to facilitate an exchange ; c) Network of banks, discount houses, institutional
investors, and money dealers who borrow and lend among themselves for the short-term (typically 90 days).
6. fiscal compact: a) reinforced surveillance and coordination of economic policies; b) financial sanctions for
euro-area Member States are imposed in a gradual way; c) an intergovernmental treaty signed by 25 EU
Member States which establishes that national budgets must be in balance or in surplus under the balanced
budget rule, a criterion that is met if the annual structural government deficit does not exceed 0.5% of GDP at
market prices.
7. budget deficit: a)the amount by which government expenditure exceeds income from taxation, customs
duties, etc., in any one financial year; b) The amount by which a government's, company's, or
individual's income exceeds its spending over a particular period of time; c) an estimate of income and
expenditure for a set period of time.;
8. Eurobonds: a) a stock or any other security representing an ownership interest ; b)national bonds
denominated in the national currency of the country where it is issued; c) an international bond issued in Europe
or elsewhere outside the country in whose currency its value is stated;
9. fiscal rule: a) a permanent constraint on fiscal policy through simple numerical limits on budgetary
aggregates; b) relating to government revenue, especially taxes.; c) a legal or treasury official in some countries;
10. fiscal union: a) an organized association of workers in a trade, group of trades, or profession, formed to
protect and further their rights and interests.; b) the action of joining together or the fact of being joined
together, especially in a political context; c) the integration of the fiscal policy of nations or states. Under fiscal
union decisions about the collection and expenditure of taxes are taken by common institutions, shared by the
participating governments;
11. sovereign: a) a supreme ruler, especially a monarch; b) Self-governing; independent state ; c) possessing
supreme or ultimate power
12. European Stability Mechanism: a) international financial institution established to provide financial
assistance to non-euro area member states experiencing severe financial difficulties; b) a non-
profit European Union institution based in Luxembourg that makes loans, makes guarantees, provides technical
assistance and provides venture capital for business projects that are expected to further EU policy objectives; c)
an international organisation located in Luxembourg which was established on 27 September 2012 as a
permanent firewall for the eurozone to safeguard and provide instant access to financial assistance programs for
member states of the eurozone in financial difficulty;
13. euro zone: a)the Member States of the EU ; b) the economic region formed by those member countries of
the European Union that have adopted the euro ; c) all the states in Europe;
14 borrowing. a) receiving something of value in exchange for an obligation to pay back something of usually
greater value at a particular time in the future; b) taking and using something that belong to someone else for a
period of time before returning it; c)receiving money from another party with the agreement that the money
will be repaid
15. private investors: a) a person or a private company whose shares are privately held and not traded on a
stock market that makes investment; b) money that a government spends on public services, such
as education and health; c) a person who allocates capital with the expectation of a financial return;
III.Translate into English:Ungaria s-a numărat, împreună cu Islanda, printre primele victime europene ale
crizei financiare care a debutat în toamna lui 2008, când s-a prăbuşit colosul bancar Lehman Brothers. A avut
urgentă nevoie de un ajutor financiar internaţional, pe care l-a primit de la troika finanţatoare condusă de FMI,
coordonată de Comisia Europeană şi asistată de Banca Mondială. Căderea economiei a fost acompaniată şi
amplificată de efectele perverse ale creditării în monede exotice. Aproape toate creditele ungurilor fuseseră
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acordate în franci elveţieni şi o mică parte în yeni japonezi. Ungurii au preferat creditele exotice, deoarece erau
mai ieftine, forintul fiind, alături de leu, una dintre cele mai scumpe monede europene. Ungaria şi-a redresat,
discret şi parţial, economia cu susţinerea troikăi şi a intrat într-un con de umbră, datorită provocărilor pe care
Grecia le-a pus în faţa pieţei financiare internaţionale. Între timp, guvernul care articulase un program de
austeritate a fost alungat în alegeri şi a apărut pe scena politică de la Budapesta o alianţă care a alungat FMI-ul,
întrerupând un acord incomod şi a aplicat un set nesfârşit de politici neortodoxe. Într-adevăr, Ungaria părea să
nu mai aibă nevoie de banii pe care FMI & Co. îi livra zgârcit şi condiţionat. Guvernul pusese mâna pe banii
fondurilor de pensii private, vreo zece miliarde de euro. Apoi se aştepta la alţi bani frumoşi, pe care ar fi urmat
să-i scoată taxarea suplimentară a băncilor. Între timp, banii confiscaţi de la fondurile de pensii s-au terminat,
iar băncile nu au avut profiturile aşteptate, aşa că n-au putut livra sume consistente unui buget hămesit.
Confiscarea fondurilor de pensii private a avut ca efect retragerea multor investitori străini de portofoliu din
piaţa financiară ungară. Pe de altă parte, banii fondurilor de pensii erau plasaţi în cea mai mare parte în titluri de
stat, deci finanţau deficitul bugetar. Acum, din piaţa ungară lipsesc 10 miliarde de euro care ar fi putut susţine
împrumuturile statului din piaţa financiară internă. Cabinetul condus de Viktor Orbán şi-a continuat însă
programul de politici neortodoxe şi a atacat independenţa Băncii Centrale a Ungariei. Orbán a schimbat legea
bancară, de aşa manieră încât guvernul să poată controla, indirect, deciziile de politică monetară ale Băncii
Centrale. Au apărut speculaţii potrivit cărora guvernul ungar ar fi dorit să mişte atât valuta din vistieria Băncii
Centrale pentru a plăti datoriile statutului, cât şi tiparniţa de bani. Ministrul Economiei a dezminţit zvonul
privitor la mânuirea valutei, nu şi cel referitor la tiparniţă. Budapesta a lansat operaţiunile de schimbare a
legislaţiei privind Banca Centrală spre finalul anului, dorindu-şi probabil să treacă neobservată de o piaţă
financiară obsedată de zona euro.
IV. Provide synonyms for the words/phrases and use them in sentences of your own:
put the onus on ; substitute; purchases; fall short of; fine; bulk; rigidity; pledge, rescue fund; give clearance;
kitty.
V.Match the words/phrases in List A with the words/phrases in List B below to form collocations, define
the terms thus obtained, translate them into Romanian and then use them in sentences of your own:
A. 1. European Exchange, 2. sovereign, 3. European Financial, 4. cap, 5. foreign currency;
B. a. Stability Facility, b. budget-deficit, c. reserves, d. Rate Mechanism , e. debt;
VI. Translate the following terms into English and use them in your own sentences:
Fond de investitii; participatie la o proprietate; achizitii publice; teren; a detine o proprietate; cota de participare;
obiect de activitate; portofoloiu de produse; institutie de credit.
VII. MATCH THE TERMS IN LIST A WITH THEIR DEFINITIONS IN LIST B; TRANSLATE
THESE TERMS INTO ROMANIAN .
A.1. Gold standard; 2. output; 3. corporation tax; 4. state-owned borrowers; 5. entrepreneurial companies; 6.
domestic market; 7. saver; 8. banking union; 9. hard currency; 10. deflation
B. a) a general decline in prices, often caused by a reduction in the supply of money or credit; b) the system,
abandoned in the Depression of the 1930s, by which the value of a currency was defined in terms of gold, for
which the currency could be exchanged; c) when state-owned enterprises acts as borrowers, they must fit within
an annual limit for new borrowing determined by debt sustainability; d) a political vision for more EU
integration with the objective to strengthen and extend the regulation of the banking sector; e) a quantity
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produced or manufactured during a certain time; f) a company having to do a person who organizes and
manages any enterprise, esp. a business, usually with considerable initiative and risk; g) taxes against profits
earned by businesses during a given taxable period; h) a person who regularly saves money through a bank or
recognized scheme; i) Stable, convertible currency (such as the Euro, US dollar, or Yen) or that enjoys
the confidence of investors and traders alike; j) the supply and demand of goods, services, and securities within
a single country.
VIII.PUT EACH OF THE FOLLOWING WORDS OR PHRASES INTO ITS CORRECT PLACE IN
THE TEXT BELOW:
BANKS, CURRENCY,GOODS, SAVINGS, DEPOSITING,INVESTMNETS, SELL, BUY, EARN, MONEY,
SHELLS, COINS, EXCHANGE RATE, PAPER BILLS, VALUE, CHANGE.
Money is what people use to ...... things. People spend money on ....... and services. Many people save part of
their money by ....... in a bank. People ....... money by performing services. They also earn money from ........,
including government bonds, and from ........ . ......... can be anything that people agree to accept in exchange
for the things they …….or the work they do. Ancient people used such varied things as ......., ........, and cattle as
money. Today, most nations use metal coins and ......... . Different countries’ ......... and bills look different and
have different names. A person can ...... his money for the money of any country according to the ........ .
Usually, such rates are set by the central ...... of a country. The .......... of a country’s ........ may change,
depending on the economic and political conditions in that country.
IX.MATCH THE TERMS IN LIST A TO THEIR ANTONYMS IN LIST B; TRANSLATE BOTH

TERMS INTO ROMANIAN AND USE THEM IN SENTENCES OF YOUR OWN:
A. REVENUE, NET, PROFIT, SUPPLY, WHOLESALE, STOCKS, PRIVATE SECTOR, STATE-OWNED

ENTERPRISE,
CREDIT, BLUE-COLLAR WORKERS, BOOM, SKILLED LABOUR, TAKE ON NEW STAFF, LENDING,
SHOP FLOOR
B. BOARD ROOM; EXPENDITURE; COLLAPSE; DEBT; UNSKILLED LABOUR; GROSS; WHITE-

COLLAR WORKERS; PRIVATELY-OWNED ENTERPRISE; LOSS; BORROWING; DEMAND; LAY
OFF; PUBLIC SECTOR; DEBIT; RETAIL
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WORKSHEET 3

With the Dow Jones Industrial Average back at 9,000 or thereabouts, you might be forgiven for thinking that
the financial traumas affecting much of the world economy this year had never happened.When the Federal
Reserve cut interest rates by another quarter of a point on November 17th, the third such change in seven
weeks, its chairman, Alan Greenspan, hinted that it might be the last cut for some time: the danger had indeed
subsided, he explained, though the economy was still feeling some strain.And for good measure the IMF has
announced its new package of assistance for Brazil; with this in place, you might argue, the chances are much
better that the recent financial contagion will stop.Things are looking up - aren’t they? We doubt it. Nobody
knows what will happen in the world economy over the coming months.It may be that a smooth adjustment to
the shocks of the past year will happen after all - meaning that growth merely slows in America and Europe,
rather than coming to a halt or worse.But this pleasant prospect has been advanced little, if at all, by the most
recent changes in policy.The proper verdict on the latest cut in American interest rates, as on the new financial
package for Brazil, is that policymakers seem hardly any less confused today than they were when the trouble
started. Why another cut in American interest rates deemed wise ? Perhaps Alan Greenspan knows something
dreadful about financial fragility in America that the markets do not.Maybe another Long-Term Capital
Management is about to cave in; possibly, regulators’ preliminary inquiries into the risks that banks and
securities houses have been taking in their dealings with hedge funds have turned up some horrors.None of this
would have come under the heading of “good news”: if this is why the Fed acted it would be wrong to regard
cut as cause for rejoicing.
II.Choose the explanation which best illustrates the meaning of the underlined words as they are used in
the text above:
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1.Dow Jones Industrial Average: a.the name of a company; b.the New York Stock Exchange; c.the world’s
best known index of the movement of prices of common stock on the New York Stock Exchange
1.interest rate: a.the amount of your interest for something; b.the cost or price of borrowing money; c.a period
of time
3.point: a.fullstop; b.an item on the agenda; c.one hundredth of a cent
4.cut :a.reduction; b.stop; c.commission
5.package of assistance :a.a relief delivery of goods; b.humanitarian aid; c.a set of financial arrangements
destined to help a specific recipient
6.contagion :a.catching disease; b.something which can spread very quickly and affect a lot of other areas;
c.encouraging phenomenon
7.policy :a.document stating that one is insured; b.general course of action, planned and determined in advance
by the top management; c.actions planned to hold down inflation
8.policymaker: a.economist; b.insurance agent; c.decision-making factors involed in the determination of a
general policy
9.regulator : a.devices used to make a machine operate; b.equipment; c.persons involved in establishing new
regulations
10.securities : a.freedom from danger; b.something valuable given to a lender by a borrower to support his
intention to repay a loan; c.stocks, shares and bonds which are bought as investments.
III.Translate into English: Bursa de Valori mizează pe artificii

1. Cu un puternic iz de tranziţie, Bursa încearcă acum să se descotorosească de întreprinderile slabe, care şi-au
făcut loc pe piaţa de capital.Artificiile de până acum n-au avut efectul scontat. Un investitor străin este, în
primul nd, interesat de performanţele firmei la care cumpără acţiuni.Dacă realizează că lucrurile nu sunt aşa
cum par, devine neîncrezător şi suspicios.Este cazul întreprinderilor ale căror performanţe sunt umflate de
manageri, dar care, de fapt, au lichidităţi reduse şi, de cele mai multe ori, nu sunt tranzacţionate de o lungă
perioadă de timp.Directorul general al Bursei de Valori Bucureşti, Ştefan Farmache, speră că la începutul anului
viitor imaginea Bursei va fi alta.”O soluţie ar fi scoaterea de pe listing a întreprinderilor ai căror mamageri nu
respectă criteriul transparenţei şi nu ne dau toate datele obligatorii cotării la bursă” spune el.Este o schimbare de
faţadă, totuşi.Pe pieţele dezvoltate, o întreprindere care nu respectă regulamentul bursei este scoasă de la
tranzacţionare şi nu este cotată pe ascuns.Bursa din România nu are însă acest interes, deoarece încasează 0,6%
din volumul oricărei tranzacţii, fie ea cât de mică.Preşedintele Comisiei Naţionale de Valori Mobiliare, Ştefan
Boboc, dă o altă variantă: transferul societăţilor cu probleme de lichidităţi de pe Bursă la Rasdaq.”Soluţia ar
putea fi pusă în practică din ’99.Dar, oricum, nu rezolvă decât parţial problemele Bursei. Volumul tranzacţiilor
va fi la fel de scăzut, deoarece urmează o perioadă neagră pentru piaţa de capital din România.Iarna, activitatea
economică scade, de asemenea şi nivelul tranzacţiilor.Anul viitor va fi unul electoral, de aceea economia va
trece pe locul doi.Va urma o jumătate de an post-electoral, când aleşii vor stabili noua politică a pieţei de
capital.Când să mai relansăm Bursa?” se întreabă Ştefan Boboc.
2. În zilele noastre, cărţile de credit reprezintă o modalitate de plată fără numerar, utilizată în întreaga lume.Au
fost introduse datorită avantajelor pe care le prezintă.Comoditatea şi siguranţa pe care le oferă utilizarea cărţilor
de credit sunt principalele motive pentru care oamenii s-au obişnuit să le plătească.Când cumperi ceva, prezinţi
pur şi simplu cartea de credit vânzătorului, iar plata se face automat din contul bancar.Deşi în România cărţile
de credit reprezintă încă o modalitate de plată foarte puţin folosită, utilizarea lor va deveni o necesitate din ce în
ce mai acută în viitor.Prima bancă care a emis o carte de plată în lei este Banca Română pentru Dezvoltare.Ea se
adresează în principal oamenilor de afaceri şi poate fi utilizată pe tot teritoriul României.
9
IV.Define the following terms in English; provide their Romanian translation and use each of them in
sentences of your own:
LEVERAGED BUY-OUT, JUNK BONDS, EQUITY, MAJORITY STAKE, TO DIVEST, UTILITY,
GREENMAIL,BID, CORE BUSINESS, MERGER, BUSINESS COMMUNITY, CORPORATE LADDER,
HOLDING COMPANY, SUBSIDIARY, PREDATOR, VENTURE CAPITAL,FREE-LANCE, TO GO
PUBLIC.
V.Translate the following terms into Romanian:

cash dispenser, standing order, overdraft, mortgage, retail bank, flotation, face value, blue chip, insider share-
dealing, maturity, buy-and-hold investor, capital gains, stockbroker, internal auditor, par, bearer certificate,
assets, commodities, foodstuffs, hedge fund.
VI. Give the English term which best captures the meaning of the following definitions:
1.to place money in a bank; 2.the money used in countries other than one’s own; 3.available cash and how
easily other assets can be turned into cash; 4.the date when a loan becomes repayable; 5.when a company buys
or acquires another one; 6.when a company combines with another one; 7.taking care of all a client’s
investments; 8.a company considered to be without a risk; 9.ability to pay liabilities when they become due;
10.anything that acts as a security or guarantee for a loan.
VII.Match up the terms in list A with the corresponding definition in list B; provide their Romanian
equivalents and use them in sentences of your own:
A. 1.issuing bonds; 2. pension funds; 3. default; 4. price appreciation; 5. deregulation; 6.capital gains; 7.equity
financing; 8.liquid; 9.yield; 10.coupon
B. a. profits that an investor realizes when he or she sells the capital asset for a price that is higher than the
purchase price.; b.the ending or relaxing of legal regulations; c.retirement money; d. increase in the value of an
asset which is in excess of the asset's depreciable cost, and is due to economic and other factors ; e. interest rate
stated on a bond when it's issued; f.easily sold (turned into cash); g. raising capital by selling company stock to
investors. In return for the investment, the shareholders receive ownership interests in the company; h. the
amount of interest paid by a fixed interest security; i. the process of offering securities as an attempt to raise
funds; j. non-payment
VIII. Match the terms below to their correct definitions; provide the Romanian translations of these
terms and use them to fill in the sentences below:
A. 1. limited liability company(LLC) ; 2. private limited company; 3. public limited company(PLC); 4. futures;
5. derivatives.
B. a. a security whose price is dependent upon or derived from one or more underlying assets; b. a
company whose securities are traded on a stock exchange and can be bought and sold by anyone; c. a form of
incorporation that limits the amount of liability undertaken by the company's shareholders; d. a financial
contract obligating the buyer to purchase an asset (or the seller to sell an asset), such as a physical commodity
10
or a financial instrument, at a predetermined future date and price; e. a type of company that offers limited
liability, or legal protection for its shareholders but that places certain restrictions on its ownership
C. 1. A ______ contract specifies a transaction that will take place in the future. 2. A _____ is a company that
does not have share capital, but is guaranteed by its members, who agree to pay a fixed amount in the event of
the company's liquidation.3. In a ______, the debts of the company are separate from those of the
shareholders.4. _____ are generally used as an instrument to hedge risk, but can also be used for speculative
purposes. 5. A _____'s stock can be acquired by anyone and holders are only limited to potentially lose the
amount paid for the shares.

WORKSHEETS 4-5
PART I

A. One major macro-economic objective is to ensure price stability with free markets. Price stability means
that prices neither rise nor fall too rapidly; that the rate of inflation (measured as the rate of change of prices
from one period to the next) is close to zero. The desire to maintain “free markets” is based on the political
judgment in the U.S. that prices and wages should be set in decentralized private markets or bargaining rather
than by government decision. The desire for this form of organization is based on the economic judgment that
free-market determined prices are an efficient way of organizing output and keeping markets responsive to
people’s tastes. The most common way to measure the overall price level is the consumer price index,
popularly knows as CPI. The CPI measures the cost of a fixed basket of goods (items like food, shelter,
clothing, and medical care) bought by the typical urban consumer. The overall price left is often denoted by
the letter P. Following this line or argument, the rate of inflation is the rate of growth or decline of the price
level, say, from one year to another. The figure below illustrates the rate of inflation for the CPI from 1929 to
1984. Over this entire period, inflation averaged 3.2 percent. Note, however, that there was enormous variation
of inflation in different years, varying from minus 10 percent in 1932 to a high of plus 14 percent in 1947. This
figure shows the year-over-year increase in consumer prices as measured by the CPI. During the Depression,
prices actually fell. Since World War II, however, deflation (or falling prices) has been rare. Note the upward
trend of inflation from 1960 to 1980, followed by the steep decline, or deflation, after 1980 that resulted from
recession, high unemployment and falling oil prices. The objective of price stability with free markets is more
subtle than those concerning output and employment. It is clearly undesirable to impose an absolutely rigid set
of prices, such as has sometimes been the case in communist countries, or during times of wartime price
controls in market economies. A frozen price structure would prevent the invisible hand of markets from
allocating goods and inputs – there would be no efficient way to induce energy conservation or to discourage
the production of horse-drawn buggies, for instance.
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B. Unlike the clearing banks, merchant banks do not normally provide services to the general public. They
are specialized wholesale banks with a small staff and no branch network, which raise loans for large
companies and governments, and provide financial and investment advice. They are involved in the financing of
international trade, and will accept, or guarantee, Bills of Exchange, which is why they are sometimes referred
to as accepting houses. The rapid advances in technology make a branch network less important than it used to
be as a basis for offering services to the public. The present trend is for all banks to offer a wide range of
financial services to all types of customers.
II. Choose the explanation which best illustrates the meaning of the underlined words as they are used in
the text above:
1. price stability: a) a situation in which prices in an economy change much over time; b) a situation in which
an economy would not experience inflation or deflation; c) the situation whereby the prices of goods and
services offered in the marketplace either change very slowly or do not change at all.
2. free market: a) an economic system in which prices are determined by unrestricted competition between
privately owned businesses; b) system in which the prices for goods and services are set by a government; c) an
economic system in which there is no competition and there is government control;
3. consumer price index: a) measures that there is no change changes in the price level of a market
basket of consumer goods and services purchased by households ; b) a measure that examines the weighted
average of prices of a basket of consumer goods and services, such as transportation, food and medical care; c)
an index of the lack of variation in prices for retail goods and other items;
4. basket of goods: a) a relatively fixed set of consumer products and services valued and used on an annual
basis to track inflation in a specific market or country; b) the goods that you put in your basket when you go
shopping; c) a set of consumer products used to assess the consumers’ buying behaviour
5. urban consumer: a) consumers living is suburban areas; b) consumers living in sparsely populated areas; c)
the all-urban consumer population consists of all urban households;
6. rate of inflation: a) the rate at which the general level of prices for goods and services is rising, and,
subsequently, purchasing power is falling; b) a measure of how slow a currency loses its value.; c) a measure of
changing prices calculated on a daily basis.
7. unemployment: a) the state of being idle; b)money paid by the government to someone who has a job; c)the
total number of people who do not have jobs in a particular place or area;
8. market economy: a) an economy in which decisions regarding investment, production and distribution are
based on supply and demand, and prices of goods and services are determined in a free price system; b) an
economic system in which there is government intervention or central planning; c)
a capitalistic economic system in which there is no free competition;
9. energy conservation: a) the total energy of an isolated system cannot change—it is said to be conserved
over time; b) reduction in the amount of energy consumed in a process or system, or by an organization or
society, through economy, elimination of waste, and rational use; c) a law governing the relations between the
state and energy;
10. clearing bank: a) a commercial bank that is part of a network of banks that can clear checks for
its clients regardless of whether or not the check originates from the same commercial bank; b) a bank that
settles a transaction between a payer and a payee; c) a system established to settle between individuals;
11. merchant bank: a) a financial institution that provides capital to companies in the form of short-term loans;
b) a bank that provides regular banking services to the general public.; c) a bank that deals mostly in (but is not
limited to) international finance, long-term loans for companies and underwriting;
12
12. wholesale bank: a)a bank which offers services to government agencies, pension funds,
other institutional customers and to large corporations ; b) a bank that offers retail services; c) a bank that
manages small scale loans;
13. raise loans: a) the act of a business raising operating capital or other capital by borrowing; b) increase the
amount of money borrowed; c) collect money for working capital or capital expenditures by selling bonds, bills,
or notes to individual and/or institutional investors. ;
14. Bill of Exchange: a) a written order by one party (the drawer) to another (the drawee) to pay a certain sum
for payment of goods and/or services received; b) an open latter asking for money; c) a non-binding payment
instrument;
15. financial services: a) services provided by an individual to another individual; b)
services and products provided to consumers and businesses by financial institutions such as banks, insurance
companies, brokerage firms, consumer finance companies, and investment companies all of which comprise the
financial services industry; c) guidance services offered to individuals
III. TRANSLATE INTO ENGLISH:

Rusia, MMM-2011. Este ca şi cum fosta conducere a FNI ar înfiinţa acum FNI-2011, o nouă piramidă
financiară, nimic altceva decât o schemă Ponzi şi, mai mult decât atât, ar vorbi deschis despre acest lucru. Asta
se întâmplă acum în Rusia şi Ucraina. Peste 2 milioane de persoane nu au rezistat tentaţiei şi şi-au investit deja
banii.Reţeaua MMM-2011 a fost construită de Serghei Mavrodi, aceeaşi persoană care a organizat şi MMM
Invest în Rusia, în anul 1994. Atunci, Mavrodi a lansat o schemă Ponzi bazată pe investiţii în acţiuni ale
companiei MMM Invest, valoarea cărora creştea încontinuu, aducând randamente de câteva zeci de procente
lunar.Proiectul financiar s-a dezvoltat fulminant, ajungând, în doar şase luni, la aproximativ 30 de milioane de
deponenţi, creşterea preţului de 127 de ori şi adunând o sumă echivalentă cu o treime din bugetul Federaţiei
Ruse.Atunci, autorităţile ruse au demarat o serie de controale care s-au finalizat cu acuzaţia de evaziune fiscală
şi neplata impozitelor, motive pentru care Mavrodi a fost condamnat la închisoare, unde, însă, nu a stat mult
timp.Ulterior, acesta a candidat pentru un loc în Parlamentul Rusiei, pentru a-şi asigura imunitatea
parlamentară. Cu toate acestea, imunitatea parlamentară i-a fost ridicată, iar bărbatul a dispărut, fiind căutat de
servicii timp de peste cinci ani. Până la urmă, a fost găsit şi a executat o pedeapsă cu închisoarea de 4 ani şi
jumătate.Însă datoriile către foştii deponenţi nu mai are cum să şi le achite. Din informaţiile autorităţilor ruse,
Mavrodi a rămas, de pe vremea vechiului MMM, cu datorii către deponenţi în valoare de aproximativ 4
miliarde de ruble. În luna ianuarie 2011, Serghei Mavrodi a anunţat pe blogul său începutul unei noi piramide
financiare. Deşi în prezentarea pe care o face noii scheme el spune cât se poate de clar că reţeaua nu produce
niciun alt venit în afară de sumele pe care le investesc persoanele nou intrate în sistem, peste două milioane de
persoane, majoritatea din Rusia şi Ucraina, şi-au investit deja banii, iar contribuţia medie este de circa 1.000 de
euro, după cum spun unii participanţi. În mod paradoxal, mulţi dintre foştii deponenţi ai MMM îngroaşă
rândurile noului MMM-2011. Bărbatul nu ascunde câtuşi de puţin că este vorba de o schemă Ponzi: "Este o
piramidă financiară. Participând în ea, riscaţi mult şi puteţi pierde în orice moment toţi banii. Nu uitaţi acest
lucru!", spune el pe blogul său. "Nu există nicio operaţiune cu hârtii de valoare, nicio relaţie cu participanţii
profesionişti ai pieţei hârtiilor de valoare, nu cumpăraţi nicio hârtie de valoare! (...) Cei care au intrat primesc
bani doar pe seama celor care intră după ei", explică Mavrodi.În prezent, autorităţile ruse şi ucrainene fac
eforturi disperate pentru a opri dezvoltarea noii scheme Ponzi, având în spate deja experienţa anului 1994, când
MMM Invest ajunsese să fie considerată drept o ameninţare la adresa siguranţei naţionale.În mai multe regiuni
ale Rusiei, procurorii au interzis accesul populaţiei la blogul lui Serghei Mavrodi. Acesta însă şi-a făcut un alt
blog şi continuă să gestioneze reţeaua financiară.În acelaşi timp, autorităţile din Ucraina încearcă să interzică şi
ele accesul la site-ul şefului reţelei, însă deocamdată legislaţia nu le permite acest lucru, din cauza domeniului
13
".com" unde şi-a înregistrat site-ul. Oricum, chiar dacă site-ul său ar fi interzis, Mavrodi spune că există site-uri
proxi prin intermediul cărora utilizatorii vor putea accesa în continuare informaţiile despre MMM-
2011.Aproximativ 500.000 de ucraineni au devenit investitori la noua schemă Ponzi, potrivit portalului
ucrainean Economiceskie novosti.Statul are ajutorul băncilor în lupta împotriva schemei financiare. Banca
ucraineană Privatbank a anunţat, la finele lunii septembrie, că va bloca plăţile online pe care le fac participanţii
la reţeaua social-financiară MMM-2011. Astfel, banca a anunţat că va considera suspecte tranzacţiile care se fac
în sistemul MMM-2011.MMM-2011 este prezentată în primul rând ca o reţea socială şi abia apoi financiară, iar
Mavrodi dă asigurări că nu câştigă nimic din această piramidă, deoarece nu este implicat.Practic, în momentul
în care se înscrie, participantul la sistem primeşte un bonus de 20 de dolari cu care poate cumpăra aşa-numiţii
dolari MMM.Cursul acestei valute fictive este stabilit de Serghei Mavrodi de două ori pe săptămână şi are un
trend crescător, astfel încât persoanele care au cumpărat astăzi dolari MMM să-i poată revinde cu un oarecare
câştig, de exemplu, peste o lună.Profiturile pe care le promite MMM-2011 sunt de 20%-30% ajungând până la
60% pe lună. Altfel spus, înmulţiţi suma depusă cu 9 şi veţi obţine câştigul realizat timp de un an la un
randament de 20% pe lună şi înmulţiţi-o cu 23,5 pentru a afla câştigul promis la un randament de 30% pe lună,
acesta din urmă fiind accesibil pensionarilor.Există şi un sistem de bonificaţii: pentru fiecare jucător nou adus în
sistem, o persoană primeşte 20% din suma pe care o investeşte începătorul în prima tranşă, urmând să
primească câte 10% din fiecare tranşă ulterioară.Reţeaua este organizată în echipe de câte zece persoane, care
au câte un coordonator şi care sunt organizate în grupuri de câte 100 de persoane, conduse şi acestea de cineva,
şi apoi în grupuri de câte 1.000 de oameni cu un lider, urmate de cea mai mare grupare – de câte 10.000 de
persoane.
IV.FILL IN THE BLANKS WITH THE APPROPRIATE WORDS IN THE LIST BELOW:
A. ASSIGN; INDIVIDUALS; CHANGE; MANNER; SINGLE; DIRECTED; ACCOMPLISH; GROUPS;

BEYOND;JOB.
Organisations or ....... of people are necessary because many objectives are ...... the capabilities of one or two
individuals. Even broad objectives, however, are ...... by the cumulative behaviours of ....... individuals within
the organization. The ....... of the manager is to see that the behaviour of individuals is ........ toward the
organisation’s objectives in the most efficient and effective ........ . Therefore, the manager is expected to recruit
.......... with the same objectives as the organisation, to ......... individuals to the right place and to also ......... the
individual’s behaviour to accomplish the organisation’s objectives.
B. ACCOUNT; CASH; DUE; INWARD; KIND; TO MAKE; ORDER; OUTWARD; OVERDUE; PART;
RESULTS; TO STOP; TO SUSPEND; SYSTEM; TERMS.
Interest is charged on …….. payments. A payment …….. has been issued. We have asked the bank to ……
payment of the cheque, as it was lost. The bank has been faced with a liquidity crisis, so payments have been
…….. . The payee has accepted the draft, and consequently has promised to ……. payment at maturity. The
amount will be ….. for payment in two weeks. Our …… of payment are cash with order. A(n) …… payment
means money received by the organization, whereas a(n) ……. payment means payment made to others.
Payment on …… means …… payment of a debt. Payment by ….. is a payment …… in which an employee`s
pay is directly linked to his performance. Fringe benefits are a form of payment in ……. . A cash discount is
allowed for prompt payment in ………. .
14
V.FILL IN THE BLANKS WITH THE APPROPRIATE WORDS BELOW; TRANSLATE THE TEXT
INTO ROMANIAN:
Metallic; banks; minting; receipts; profit; safe-deposit vaults; transactions; weighted; recalled; withdrawls;
costs; central bank; counterfeit; bankers; shipping; payments; deposited; credit system; exchange; finance;
counting; accounts; money-changing; coins
The first ______ were operated in ancient Egypt by royal palaces and temples. _____ were issues to those who
_____ their goods in these vaults and written orders were required for ____ from them. The common form of
money at that time was precious metals in _____ quantity. In Alexandria, in the Ptolemaic period (305-30 BC),
granaries were organized into a ____ of state grain _____. Their main _____ were recorded in a _____. This
bank system operated as a giro system. ______ were transferred from one account to another without the
physical ____ of money. The ancient Greeks developed money in the form of silver and bronze ____ around
600 BC. _____ coins was much quicker and more convenient that weighing them, so the use of coins for every
day _____ spread rapidly. Greek _____ developed other services, including ____ services, because of the
variety of coins used. They developed a _____ which provided merchants with _____ to pay for _____ their
goods. During the Middle Ages, European monarchs controlled the production, or_____ of coins. The value of
the royal coins often exceeded their _____ value and minting ____. The English monarchs _____ all the coins
and issued new ones every few years. This enabled them to reduce the circulation of_____ coins and make a
_____ from the metals used.
(NOTE – giro system = a method of transferring money by instructing a bank to directly transfer funds from
one bank account to another without the use of checks.)
VI.MATCH EACH TERM WITH THE APPROPRIATE DEFINITION:

A. 1.accelerated depreciation; 2.balance sheet; 3.breakeven point; 4.cash flow; 5.to consolidate; 6.earnings per
share; 7.goodwill; 8.fixed assets; 9.straight-line depreciation ;10.price-earnings ration; 11.profit and loss
account
B. a) document that shows how much a company makes or loses over a given period. It does not include such
features such as land, goodwill, etc; b)the amount of money a company has available to reinvest in its business;
c) an intangible asset which includes the value of a firm’s clientele, trademark, patents and the experience of its
staff; d)the profits of a company divided by the number of shares issued; e)a system of calculating depreciation
that attributes higher amounts to the wear and tear of an item in the years immediately following its purchase
than it does in subsequent years; f) the value of a share on the Stock Exchange divided by net profit per share;
g) a document showing the value of a company at a set date expressed in terms of assets and liabilities; h)a
system of calculating depreciation whereby the price of an item is divided by the number of years it is expected
to last; i) the point at which the firm covers all its expenses and begins to make a profit; j)items that figure on a
balance sheet such as land, machinery, lorries, etc.; k)to present the financial documents of several separate
legal entities together
VII. The verbs/ verb phrases below may be used to describe various movements on the money market;
match the English terms to their definitions.. Provide their Romanian equivalents.
15
List A: 1.to reach an all time high; 2.to hold steady (about prices); 3.to top; 4.to pick up (about prices); 5.to rise
steadily; 6.to plummet/nosedive; 7.to level off; 8.to see a slight/substantial rise; 9.to witness a dramatic fall;
10.to rocket/to soar
List B: a. stop rising or falling and stay at the same level:; b. take note / observe a sudden, very great and often
surprising upward change ; c. fall or drop suddenly in amount, value, etc ; d. to come to a level
unsurpassed in some respect up to the present; e.to increase quickly and suddenly ; f. increase at a steady rate or
pace; g. remain fixed and not moving or changing suddenly:; h. exceed (an amount, level, or number); be more
than.; i. gain in value; j. to detect feeble, small increase / fairly large/significant increase.
VIII. Use the English terms above to fill the blanks in the sentences below
1. House prices now seem _____ after the steep rises of the last few years. 2. If inflation continues to rise, prices
will _____ . 3. August has_____ in the number of unemployed. 4. Canada’s share of US demand is projected
____ at 16%, as US demand increases alongside its exports. 5. The 1980s _____ in unemployment. 6. Donations
are expected ____ $1,000,000 by the end of the month. 7. The divorce rate has _____ since the 1950s. 8. Stock
prices _____ 40 percent during the scandal. 9. Sales _____ from 1,000 units last week to 5,000 units this week.
10. Prices seem ____ again.
IX. Use the VPs above to translate the sentences below into English:
1. Preturile obiectelor/articolelor de imbracaminte pentru femei s-au redresat spre sfarsitul anului. 2. Preturile
legumelor au atins un nivel constant la sfarsitul lunii august. 3. In 2000 s-a inregistrat o usoara crestere a
vanzarilor de aparate de uz casnic. 4. Preturile apartamentelor au crescut vertiginos spre sfarsitul anilor ’90. 5.
Vanzarile de telefoane inteligente s-au prabusit spre sfarsitul perioadei. 6. In 2012 am asistat la o cadere
spectaculoasa a vanzarilor de case noi. 7. In 2007 valoare ratei dobanzii a atins un record absolut. 8. Preturile au
ramas neschimbate intre 1988 si 1990. 9. Preturile bunurilor de larg consum au inregistrat o crestere continua
intre 1989 si 2014. 10. Vanzarile de discuri ale acestui cantaret au depasit doua milioane la sfarsitul anului.
X. Choose the correct alternative to complete the sentences below; translate these sentences into
Romanian.
1. The cost of living _______ as high as 3.1% on a year-to-year basis in June.

a. slipped; b. climbed ; c. plummeted
2. British operating profits _____ from £ 51 million to £ 19.2 million last year
a. edged down ; b. skyrocketed; c. tumbled
3. Industrial output grew by 25.6% over the previous tear, a China’s total economy _____ by more than 12%.
a. shot ahead; b. slid; c. edged up
16
4. Lodz’s rapid growth in the 19th century – between 1877 and 1914 the population _____ from 50,000 to
almost 500,000 – meant there was little town planning.
a. slumped; b. nosedived ; c. leapt
5. Farm prices ____ 0.7% from September as raw milk prices continued their rise.
a. edged up; b. rocketed; c. surged
6. Total car production _______ 5% because of lower sales in the US, where all European car makers are
struggling with weak demand.
a. shot ahead ; b. increased; c. slid
7. A year ago, people selling their homes routinely received as many as six offers, with the winning bid often
higher than the asking price. Prices _____ as much as 35% in a single month last year.
a. edged up; b. skyrocketed ; c. firmed
8. Japanese production has _______, falling by 9% fromits peak in 1991.

a. risen ; b. edged down; c. plummeted
9. The dollar _______ to its lowest level against the Euro for 18 months.
a. slumped ; b. rose; c. advanced
10. Sales held steady, but margins more than halved from 5.6 to 2.4%, and profits _____ from £ 29.7 million to
£ 12.1 million
a. drifted lower; b. leapt; c. crumbled
XI. The nouns underlined in the sentences below are use to talk about rising and falling prices. Translate
these sentences into Romanian.
1.Nicoli insists that last week’s good results and accompanying hike in the share price should prove to the
skeptics that the company is already on track. 2. A further rally in Euro Disney saw the shares touch 1575p, an
advance of 20p. 3. Adobe plummeted $ 4.125 a share to close at $ 15.625, a drop of 40% from levels at the
beginning of the month. 4. The shares stayed at 250p despite the decline in the wider stock market. 5. A 22%
profit rise took packaging group Boxmore to 187p, a jump of 10p. 6. The FT-SE 100 index of leading shares
jumped 105.6 to close at 2,843.9. The surge, which added £ 21.7 billion to share values, was the biggest one-
day rise since April 10, the day after the general election.7. A slip of 16 sent shares in Thorn EMI down to 972
p. 8. The bank’s share prices promptly took a 50p nose-dive as astonished investors digested the results, which
exceeded even the most pessimistic forecasts. 9. Despite the crash in Japanese share prices last year, the Nikkei
225 has risen by 600% in dollar terms since the beginning of this year. 10. The regional aircraft business was
met with a slump in the share prices from 199p to 113p.
17
XII. Choose the correct alternative to complete the sentences below. Translate the sentences into
Romanian:
1. More people were pessimistic about the coming 12 months. The ____ in confidence was more severe in
Scotland.
a. advance; b. jump; c. decline
2. The company lifted its annual profits to June by 105% to £ 7.5 million, with a 66% ____ in turnover.
a. hike; b. drift ; c. collapse
3. The dollar’s _____ to a fresh low of EUR 1,3860 failed to upset the market.
a. rise ; b. dip; c. surge
4. Germany’s industrial strength took a _____ from second position in 1992 to 11th place now.
a. retreat ; b. nose-dive; c. crash
5. Though the drop isn’t enough to be called a slump, analysts said the hideen danger is that a small ____ in
steel consumption could trigger a nasty price war.
a. collapse; b. crash ; c. retreat
6. Japan’s production of cars, trucks and buses in September fell 4.1% from a year ago to 1,120,317 units
because of a ____ in exports.
a. plummet ; b. slip ; c. nose-dive
7. Its money mountain has mushroomed from £ 217 million to £ 503 million, a massive ___ of 132%.
a. leap ; b. drop; c. drift
8. A dramatic 40% _____ in steel prices has sent British Steel spiraling into the red.
a. rise ; b. drift ; c. slump
9. A _______ in cold-drink sales during hot and sunny May and June helped Cadbury Schweppes push pre-
taxes profits ahead 13% to £ 126 million.
a. fall ; b. surge ; c. collapse
10. Industrial output has stabilized, after falling 60% in 1991-1992, the most precipitous economic _____ in
Eastern Europe.
a. drift ; b. dip ; c. collapse
XIII. Translate the sentences below into English; pay attention to the nouns indicating rising and falling
prices:
1. Pretul unei actiuni are o asemenea valoare incat ar mai bine sa determine o crestere a pretului inainte de a
trece la o noua emisiune de actiuni. 2. Directorul general a decalarat ca scaderea pretului actiunilor firmei
18
spreste ingrijorarea privind valoarea de baza a actiunilor. 3. Domnul Smith are posibilitatea de a achizitiona
pana la 10% din actiunile firmei la valoarea de piata, ceea ce probabil va face dupa scaderea/alunecarea pretului
actiunilor firmei. 4. Pretul acestei masini a inregistrat o crestere extraordinara de 75% in ultimii doi ani. 5. Unii
analisti atrubuie tendinda de scadere a preturilor obligatiunilor greutatilor pernamente cu care se confrunta acum
piata de capital. 6. Analistii pietii prevad o scadere drastica a preturilor electrocasnicelor. 7. Actiunile catorva
firme producatoare de confectii au inregistrat scaderi semnificative dupa ce s-au facut publice perspectivele
unor castiguri scazute in anul urmator. 8. Din 2008 economia lumii se afla intr-o criza accentuata.
XIV. Use the terms listed below to fill the gaps in the text below; provide a translation of the text into
Romanian:
meltdown; collapse; crash; free fall; record high; low; wipe off;; all-time high
Better economic news helped wall Street gain 2.3%, hitting an _____. European stock exchanges did well too.
Frankfurt, Milan, Zurich and Stockholm all reached new highs for the year. Tokyo share prices advanced
broadly under the lead of Sony and other electrical issues, pushing the Nikkei to a ______ in relatively active
trading. But eupohoria easily gives way to pessimism. When share prices fall a long way, commentators talk
about billions of dollars, yen or whatever being ____ share values. With prices falling to new _____, people
may talk about a market _____ or ____ . If prices fall a very long way and there seems to be no limit to the
amount they may drop, people use the parachuting image of _____. Commentators may even compare events to
a nuclear accident like Chernobyl and talk about a market ______.
PART II
I.TRANSLATE INTO ROMANIAN: The role of the central banks
A central bank (reserve bank or monetary authority) is created by government legislation. It normally has the
legal right to create money. It can print money to increase the supply, or exchange money for securities. It can
sell securities to decrease the money supply. It is responsible for maintaining stability in the banking system of
its country, or a group of member states. In times of financial crisis, the central bank acts as ‘lender of last
resort’ (i.e., extending credit when no one else will) to the banking sector. Some central banks, such as the
Bank of England, are involved in coordinating, with solvent banks, ‘lifeboat’ rescues of banks in crisis. The
mandate of most central banks is to carry out their government’s fiscal and monetary policy to ensure a stable
economy and currency. Some central banks set their country’s official interest rate. They do this to manage
inflation (a rise in the price of a ‘basket’ of goods), as well as deflation. Central banks can influence money
supply, interest rates, and foreign exchange rates. They also manage the country’s foreign exchange, gold
reserves, plus the government’s stock register. Central banks structures and conditions vary significantly
within and across nations. The European Central Bank (ECB) operates across several countries. The Federal
Reserve Bank (Fed) operates across all states in the USA. Central banks are managed by a board of directors,
The head of the central bank is usually a governor or president. All governments have some influence over their
central bank. In the USA, the chairman of the Federal Reserve Bank is appointed by the president. However,
his or her appointment must be confirmed by Congress. In some countries, the key monetary policy decisions
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are made by committees or individuals, independent of the political appointee. The Monetary Policy
Committee of the Bank of England, for example, is dominated by representatives of private corporations. In
most countries, a central bank carries out supervision and regulation of the banking industry. Some central
banks still require trading banks to maintain a certain amount of their deposits as reserves. However, most
central banks address credit risk by requiring trading banks to meet certain capital requirements. These
requirements (called capital requirements) require banks to hold a percentage of their assets as capital. The
Basel Capital Accord’s current guideline is 8% for international banks. This means that when a bank reaches
its lending limit, 92% of assets, it must raise additional capital if it wishes to continue to increase its lending.
Central banks may also provide financial services such as transfer of funds, banknotes and coins or foreign
currency. The Bank of Japan, for example, is a central bank that is actively engaged in financial transactions
with other financial institutions. In this role, the central bank is known as ‘the bank of banks’. In some
countries, this may be the responsibility of a government department such as the ministry of finance. Most
central banks are state-owned. However, many economists view government intervention in the monetary
policy of a country as undesirable. Advocates of an independent central bank argue that the power to create
money, and the power to spend it (e.g. funding government budgets), should be separate. Independence, it is
argued, creates a more credible monetary policy. Consequently, the financial market reacts more in line with
the direction indicated by the central bank. It is also argued that political interference or pressure may lead to
‘boom and bust’ economic cycles as governments attempt to manipulate the economy before an election for
short-term political gain. This may result in higher employment and consumer spending, but lead to higher
inflation in the long term. During the 1990s, many countries, influenced by research correlating central bank
independence with low and stable inflation, increased central bank independence. Critics of this trend say
independence can weaken the central bank’s public accountability. They argue that central bank independence
needs to be balanced with accountability to the public and their elected representatives.
the text above:
1. print money1: a) to produce physical money to replace old currency which is removed from circulation; b) to
write banknotes; c) to copy banknotes and coins
2. print money2: a) to print money electronically; b) to inject more money into the economy, virtually out of
thin air; c) to credit money to private banks
3. money supply: a) cash and checking deposits ; b) a group of safe assets that households and businesses
have; c) the total amount of money in circulation or in existence in a country.
4. lender of last resort: a) any of the banks in the country that offers loans to other insitutions ; b) an
institution that offers loans to banks or other eligible institutions that are experiencing financial difficulty or are
considered highly risky or near collapse.; c) the last source of credit
5. interest rate: a) a rate paid to use money ; b) a rate paid by the creditor; c) the proportion of a loan that is
charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding
6.government’s stock register: a) a record of government transactions covering state-owned companies; b) a
record of transactions of a publicly-traded company for transfers, issues of stock, buybacks and
other actions related to the company's stock; c) a paper ledger;
7. Federal Reserve Bank: a) one of the banks in the USA; b) a bank located in one of the states in the USA ;
c); The central bank of the United States and the most powerful financial institution in the world.
8. chairman: a) the holder of the chair; b) the director of the bank ;c) the president of the governing body of
the Federal Reserve System;
20
9. political appointee: a) (US) any employee who is appointed by the President, the Vice President, or agency
head; b) one who is appointed to a position or office ; c) a beneficiary under legal appointment
10. supervision of the banking industry: a) checking the effectiveness of banking ; b) monitoring and
examining the condition of banks and their compliance with laws and regulations; c) providing safe storage for
money
11. regulation of the banking industry : a) issuing specific regulations and guidelines to govern the
operations, activities and acquisitions of banking organizations; b) gathering information on trends in the
financial industry; c) landing money to qualified borrowers
12. credit risk: a) when the borrowers defaults on payments; b) when the borrowers pays back; c) the
likelihood that a borrower will default on any type of debt by failing to make required payments
13. capital requirements: a) the amount of capital a bank or other financial institution has to hold
as required by its financial regulator; b) a percentage of the assets that must be held by the bank; c) non-liquid
assets to be held by the bank
14. Basel Capital Accord: a) a bank asset classification system ; b) international banking regulations put forth
by the Basel Committee on Bank Supervision, which set out the minimum capital requirements of financial
institutions with the goal of minimizing credit risk; c) an agreement dealing with risk management
15. lending limit: a) the minimum amount a bank can lend to a single borrower; b) any amount a bank can
lend to a borrower ; c) the maximum amount a bank can lend to a single borrower;
16. monetary policy: a) the process by which the monetary authority of a country controls the supply of
money; b) targeting a rate of interest for the purpose of promoting economic growth and stability; c) a way to
control the economy
17.consumer spending: a) spending covering durable goods; b) spending covering nondurable goods ; c)the
amount of money spent by households in an economy
18. public accountability: a) to be accountable to a private entity ; b) obligations of public
enterprises and agencies to be answerable for fiscal and social responsibilities, to those who
have assigned such responsibilities to them; c) liability in court
IV. Provide synonyms for the words/phrases and use them in sentences of your own:
extend credit; mandate; governor; guideline; raise capital; government department ; advocate; in line with:
accountability.
V. The terms in list A designate various types of banks. Match these terms with the corresponding
definition in list B; provide their Romanian equivalents and use them in sentences of your own:
A: central bank; trading bank; international bank; commercial bank (retail bank); savings bank; savings and
loan association; credit union; financial service company; hybrid financial institution; correspondent bank
B. 1. a financial institution that provides services on behalf of another, equal or unequal, financial institution; 2.
a non-profit-making financial institution receiving small deposits at interest; 3. a national bank that provides
financial and banking services for its country's government and commercial banking system; 4. a non-profit-
making money cooperative whose members can borrow from pooled deposits at low interest rates; 5. a facility
that allows depository institutions in the United States to offer deposit and loan services to foreign residents and
institutions; 6. services and products provided to consumers and businesses by financial institutions such as
banks, insurance companies, brokerage firms, consumer finance ; 7. an institution which accepts savings at
21
interest and lends money to savers for house or other purchases; 8. commercial bank; 9. banks concerned with
sophisticated, often innovative transactions that most often
involve corporate customers ; 10. typical mass-market banking in which individual customers use local
branches of larger commercial banks. Services offered include savings and checking accounts, mortgages,
personal loans, debit/credit cards and certificates of deposit
VI. Provide the Romanian equivalents of the following English terms; use the English terms in sentences
of your own:
ATM; collateral; credit line; current account; electronic banking; debt collection; installment; loan-sharking;
mortgage; overdraft; pawn shop; savings account; to service a debt; syndicated loan; (un)secured loan;
statement of account / bank statement;
VII. Provide the English equivalents of the following Romanian terms; use the English terms in sentences
of your own:
a subscrie titluri de valoare; a scoate bani din cont; tras/tragator; deposit la vedere; deposit la termen; seiful
bancii; titular de cont; a andosa un cec; platitor / beneficiarul platii; functionar /casier bancar
VIII. Fill in the blanks with the appropriate terms below:

non-deposit taking; fee; company; funds; borrowers; intermediation;
The inflow and outflow of ______ provide the financial institutions with the main source of profit and the
process of directing the savings to borrowers is of great benefit to both savers and _____ as well as to the
national economy. The process of matching against a ______ the needs of lenders with those of the borrowers is
known as financial ______ . A financial intermediary may be a deposit-taking organization such as a bank or a
building society or a _____ institution, namely an insurance _______ or a pension fund.
IX. The following terms designate various means of payment. Match the terms with the correct
definition; provide their Romanian equivalents; use the English terms to fill the blanks in the sentences
below; translate these sentences into Romanian:
Bill of exchange; promissory note; I.O.U.; banker’s draft/bank draft; letter of credit; standing order;
documentary letter of credit (L/C); cash with order (CWO); bearer check; bank transfer
1. a type of check where the payment is guaranteed to be available by issuing bank; 2. an act of
moving money from a bank account to another account; 3.a written order to a person requiring them to make a
specified payment to the signatory or to a named payee; 4. an instruction to a bank by an account holder to
make regular fixed payments to a particular person or organization; 5. payment for goods in which the buyer
pays when ordering and in which the transaction is binding on both parties. 6. a signed document
acknowledging a debt; 7. a signed document containing a written promise to pay a stated sum to a specified
person or the bearer at a specified date or on demand; 8. A cheque where the money can be paid to any person
who presents it to the bank, not just to a person named on thecheque; 9. letter issued by a bank to another bank
(especially one in a different country) to serve as a guarantee for payments made to a specified person under
22
specified conditions. 10. a written promise of payment provided by a buyer to a seller that is guaranteed to clear
by a particular bank
1. In foreign trade, you must use the services of a bank to make payments. Payments can be done by, for
istance, ______. 2. There are three parties to a ______: the creditor, who draws the bill, the debtor upon whom
the bill is drawn; and the person to whom the money is to be paid. 3. To ensure prompt shipment, we enclose a
_____ for $ 5,000 on the Jones&Smith Bank made out to your order. 4. Payment will be made via ______. 5.
We accept ioredrs from abroad only if payment is made by ______ . 6. A _______ is payable to anyone who
presents it, usually over the counter of the paying bank. 7. The term ____ is an abbreviation, in phonetic terms,
of "I owe you."
8. I use a ______ to have my bills paid every month. 9. People write a ______ when they make an
signed, unconditional promise to pay a certain amount of money on demand at a specified time. 10. The bank
issued a a _______ on behalf of the Importer to pay the Exporter a given sum of money within a specified time,
providing that the Exporter presents documents which comply with the terms laid down in the document.
X. Translate into English:

A.1.Cambia trebuie andosata. 2.Suntem nevoiti sa cerem rambursarea banilor.3.Nu se va plati nici un
comision.4.In mod normal ar trebui sa vi se faca plata in termen de 30 de zile.5.Documentele trebuie eliberate
contra sumei de 20 000$.6.Aceasta marfa n-ar trebui transportata cu trenul.7. Banca Martin`s nu poate fi in nici
un caz trasa la raspundere.8.Va trebui sa acceptati acest amendament ca facind parte din acreditiv.9.Va trebui sa
prezentati documentele pentru acest credit.10. Viramentul ar fi trebui sa se efectueze pana la sfarsitul lunii, dar
inca nu am primit avizul de credit.11.Conform uzantelor noastre, va trebui sa analizati acest cont current inainte
de a debloca conturile. 12. Trasul nu si-a putut onora cambia la data scadentei. Va trebui sa luam legatura cu un
avocat.13. Cresterea pretului la principala nostra materie prima va duce la o crestere cu 4% a pretului cu
ridicata.14.Exercitiul financiar pe anul trecut s-a incheiat de curand cu un venit brut de aproximativ doua
milioane de franci.15.Devizul pentru reparatii se ridica la suma de doua milioane de dolari si prevad ca vom
avea probleme cu agentul nostru de asigurari.
B. 1.Am verificat bilanţul şi contul de rezultate fără să găsesc nici cea mai mică eroare.Totuşi aş dori să verific
iar cifrele activului imobilizat.2.Ultimele rezultate înaintea impozitării evidenţiază o creştere de 46% faţă de
primul trimestru al anului.3.Previziunile pentru consumul de alimente congelate sunt de aşa natură încât mai
multe grupuri intenţionează să aplice o nouă strategie de marketing.4.Programul de lucru al agenţiilor de
publicitate este foarte flexibil doarece mai mult de 30% din peronal lucrează cu normă redusă.5.Atât controlul
calităţii cât şi comenzile pentru piese de schimb sunt urmărite prin intermediul calculatorului.6.De cât timp este
descoperit contul dvs. ? 7.Fluxul de numerar cuprinde şi transferurile de numerar, nu doar transferurile care
influenţează fondul de rulment.8.În Anglia conturile curente purtătoare de dobândă există doar din
1990.9.Banca vă va acorda un împrumut doar dacă aveţi un loc de muncă stabil.10.Asamblarea maşinilor
noastre pe banda de montare este eficientă datorită aplicării unui sistem care evită stocarea inutilă a pieselor de
schimb.
C. În zilele noastre, cărţile de credit reprezintă o modalitate de plată fără numerar, utilizată în întreaga lume.Au
fost introduse datorită avantajelor pe care le prezintă.Comoditatea şi siguranţa pe care le oferă utilizarea cărţilor
de credit sunt principalele motive pentru care oamenii s-au obişnuit să le plătească.Când cumperi ceva, prezinţi
pur şi simplu cartea de credit vânzătorului, iar plata se face automat din contul bancar.Deşi în România cărţile
23
de credit reprezintă încă o modalitate de plată foarte puţin folosită, utilizarea lor va deveni o necesitate din ce în
ce mai acută în viitor.Prima bancă care a emis o carte de plată în lei este Banca Română pentru Dezvoltare.Ea se
adresează în principal oamenilor de afaceri şi poate fi utilizată pe tot teritoriul României.

WORKSHEETS 6-7
I.TRANSLATE INTO ROMANIAN: The origins of the financial crisis. THE collapse of Lehman Brothers,
a sprawling global bank, in September 2008 almost brought down the world’s financial system. It took huge
taxpayer-financed bail-outs to shore up the industry. Even so, the ensuing credit crunch turned what was
already a nasty downturn into the worst recession in 80 years. Massive monetary and fiscal stimulus prevented a
buddy-can-you-spare-a-dime depression, but the recovery remains feeble compared with previous post-war
upturns. GDP is still below its pre-crisis peak in many rich countries, especially in Europe, where the financial
crisis has evolved into the euro crisis. The effects of the crash are still rippling through the world economy:
witness the wobbles in financial markets as America’s Federal Reserve prepares to scale back its effort to pep
up growth by buying bonds. With half a decade’s hindsight, it is clear the crisis had multiple causes. The most
obvious is the financiers themselves—especially the irrationally exuberant Anglo-Saxon sort, who claimed to
have found a way to banish risk when in fact they had simply lost track of it. Central bankers and other
regulators also bear blame, for it was they who tolerated this folly. The macroeconomic backdrop was
important, too. The “Great Moderation”—years of low inflation and stable growth—fostered complacency and
risk-taking. A “savings glut” in Asia pushed down global interest rates. Some research also implicates European
banks, which borrowed greedily in American money markets before the crisis and used the funds to buy dodgy
securities. All these factors came together to foster a surge of debt in what seemed to have become a less risky
world. Start with the folly of the financiers. The years before the crisis saw a flood of irresponsible mortgage
lending in America. Loans were doled out to “subprime” borrowers with poor credit histories who struggled to
repay them. These risky mortgages were passed on to financial engineers at the big banks, who turned them
into supposedly low-risk securities by putting large numbers of them together in pools. Pooling works when the
risks of each loan are uncorrelated. The big banks argued that the property markets in different American
cities would rise and fall independently of one another. But this proved wrong. Starting in 2006, America
suffered a nationwide house-price slump. The pooled mortgages were used to back securities known as
collateralised debt obligations (CDOs), which were sliced into tranches by degree of exposure to default.
Investors bought the safer tranches because they trusted the triple-A credit ratings assigned by agencies such
as Moody’s and Standard & Poor’s. This was another mistake. The agencies were paid by, and so beholden to,
the banks that created the CDOs. They were far too generous in their assessments of them. Investors sought out
these securitised products because they appeared to be relatively safe while providing higher returns in a world
of low interest rates. Economists still disagree over whether these low rates were the result of central bankers’
24
mistakes or broader shifts in the world economy. Some accuse the Fed of keeping short-term rates too low,
pulling longer-term mortgage rates down with them. The Fed’s defenders shift the blame to the savings glut—
the surfeit of saving over investment in emerging economies, especially China. That capital flooded into safe
American-government bonds, driving down interest rates. Low interest rates created an incentive for banks,
hedge funds and other investors to hunt for riskier assets that offered higher returns. They also made it
profitable for such outfits to borrow and use the extra cash to amplify their investments, on the assumption that
the returns would exceed the cost of borrowing. The low volatility of the Great Moderation increased the
temptation to “leverage” in this way. If short-term interest rates are low but unstable, investors will hesitate
before leveraging their bets. But if rates appear stable, investors will take the risk of borrowing in the money
markets to buy longer-dated, higher-yielding securities. That is indeed what happened. When America’s
housing market turned, a chain reaction exposed fragilities in the financial system. Pooling and other clever
financial engineering did not provide investors with the promised protection. Mortgage-backed securities
slumped in value, if they could be valued at all. Supposedly safe CDOs turned out to be worthless, despite the
ratings agencies’ seal of approval. It became difficult to sell suspect assets at almost any price, or to use them as
collateral for the short-term funding that so many banks relied on. Fire-sale prices, in turn, instantly dented
banks’ capital thanks to “mark-to-market” accounting rules, which required them to revalue their assets at
current prices and thus acknowledge losses on paper that might never actually be incurred. Trust, the ultimate
glue of all financial systems, began to dissolve in 2007—a year before Lehman’s bankruptcy—as banks started
questioning the viability of their counterparties. They and other sources of wholesale funding began to
withhold short-term credit, causing those most reliant on it to founder. Northern Rock, a British mortgage
lender, was an early casualty in the autumn of 2007.Complex chains of debt between counterparties were
vulnerable to just one link breaking. Financial instruments such as credit-default swaps (in which the seller
agrees to compensate the buyer if a third party defaults on a loan) that were meant to spread risk turned out to
concentrate it. AIG, an American insurance giant buckled within days of the Lehman bankruptcy under the
weight of the expansive credit-risk protection it had sold. The whole system was revealed to have been built on
flimsy foundations: banks had allowed their balance-sheets to bloat, but set aside too little capital to absorb
losses. In effect they had bet on themselves with borrowed money, a gamble that had paid off in good times but
proved catastrophic in bad.Failures in finance were at the heart of the crash. But bankers were not the only
people to blame. Central bankers and other regulators bear responsibility too, for mishandling the crisis, for
failing to keep economic imbalances in check and for failing to exercise proper oversight of financial
institutions. In other words, although Europeans claimed to be innocent victims of Anglo-Saxon excess, their
banks were actually in the thick of things. The creation of the euro prompted an extraordinary expansion of the
financial sector both within the euro area and in nearby banking hubs such as London and Switzerland.
Moreover, Europe had its own internal imbalances that proved just as significant as those between America and
China. Southern European economies racked up huge current-account deficits in the first decade of the euro
while countries in northern Europe ran offsetting surpluses. The imbalances were financed by credit flows from
the euro-zone core to the overheated housing markets of countries like Spain and Ireland. The euro crisis has
in this respect been a continuation of the financial crisis by other means, as markets have agonised over the
weaknesses of European banks loaded with bad debts following property busts. Central banks could have done
more to address all this. The Fed made no attempt to stem the housing bubble. The European Central Bank did
nothing to restrain the credit surge on the periphery, believing (wrongly) that current-account imbalances did
not matter in a monetary union. The Bank of England, having lost control over banking supervision when it was
made independent in 1997, took a mistakenly narrow view of its responsibility to maintain financial stability.
Central bankers insist that it would have been difficult to temper the housing and credit boom through higher
interest rates. Perhaps so, but they had other regulatory tools at their disposal, such as demanding that banks
should set aside more capital. Lax capital ratios proved the biggest shortcoming. Since 1988 a committee of
25
central bankers and supervisors meeting in Basel has negotiated international rules for the minimum amount of
capital banks must hold relative to their assets. But these rules did not define capital strictly enough, which let
banks smuggle in forms of debt that did not have the same loss-absorbing capacity as equity. Under pressure
from shareholders to increase returns, banks operated with minimal equity, leaving them vulnerable if things
went wrong. And from the mid-1990s they were allowed more and more to use their own internal models to
assess risk—in effect setting their own capital requirements. Predictably, they judged their assets to be ever
safer, allowing balance-sheets to balloon without a commensurate rise in capital. The Basel committee also did
not make any rules regarding the share of a bank’s assets that should be liquid. And it failed to set up a
mechanism to allow a big international bank to go bust without causing the rest of the system to seize up. The
regulatory reforms that have since been pushed through at Basel read as an extended mea culpa by central
bankers for getting things so grievously wrong before the financial crisis. But regulators and bankers were not
alone in making misjudgments. When economies are doing well there are powerful political pressures not to
rock the boat. With inflation at bay central bankers could not appeal to their usual rationale for spoiling the
party. The long period of economic and price stability over which they presided encouraged risk-taking. And as
so often in the history of financial crashes, humble consumers also joined in the collective delusion that lasting
prosperity could be built on ever-bigger piles of debt.
the text above:
1. taxpayer: a) a person who pays a tax or is subject to taxation; b) a person to whom taxes are paid; c) an
institution to which taxes are paid
2. credit crunch: a) An economic condition in which investment capital is easy to obtain ; b) Money
market situation which occurs usually when a government tries to let inflation rise; c) a sudden sharp reduction
in the availability of money or credit from banks and other lenders.
3.scale back: a)make an increase in the size or level of activity; b)
a reduction in size, quantity, or activity according to a fixed scale or proportion: ; c) to make
something larger than it was or than it was planned to be;
4. financier: a) a person who pays money ; b)
a person skilled or engaged in managing large financial operations, whether public or corporate.
; c) is a person who makes their living from investing small sums of money
5. regulator: a) a device for adjusting the balance of a clock ; b) a mechanism
for maintaining a temperature, a level of liquid in a tank; c) a person or body that supervises a particular
industry or business activity.
6. subprime: a) credit or loan arrangements for borrowers with a poor credit history ; b) a type of loan that is
offered to individuals who qualify for prime rate loans ; c) having or being an interest rate that is higher than a
prime rate
7. financial engineer: a) creative accounting; b) person who designs, creates and implements new financial
instruments, models and processes to solve problems in finance and take advantage of new financial
opportunities; c)
combining or carving up existing instruments to create new financial products.
8. property market: a) business or trade in land and houses; b) any property that is attached directly to land; c)
land plus anything permanently fixed to it
9. collateralised debt obligation (CDO): a) debt obligations that serve as collateral for the CDO ; b)
a debt security collateralized by bonds and loans of different maturities and credit quality; c) sophisticated
financial tools that banks use to repackage individual loans into a product that can be sold to investors on the
secondary market
26
10. triple-A credit rating: a) a rating perceived to have a high risk of default ; b) the highest possible rating
assigned to the bonds of an issuer by credit rating agencies ; c) a rating indicating that a loan can be secured at a
high interest rates,
11. securitised products: a) products which are pools of financial assets, brought together to make a new
security, which is then divided and sold to investors; b) a financial instrument based on combining a single
fixed asset; c) financial products which block liquidity on the market
12. hedge fund: a) a portfolio of investments managed very traditionally; b) public investment partnerships
that are open to a large number of investors and require a minimum initial investment.; c) an offshore
investment fund, typically formed as a private limited partnership, that engages in speculation using credit or
borrowed capital.
13. leveraging: a) use (something) to maximum advantage; b) use borrowed capital for (an investment),
expecting the profits made to be greater than the interest payable.; c) the amount of debt used to finance a firm's
assets.
14. mortgage-backed securities: a) debt obligations that represent claims to the cash flows from pools of
mortgage loans, most commonly on residential property; b) a type of asset-backed security that is secured by a
loan; c)investments, somewhat similar to stocks, bonds or mutual funds.
15. mark-to-market accounting rules: a) a loss generated through an accounting entry rather than the actual
sale of a security. ; b) accounting for the value of an asset or liabiliy based on the book value ;c) the accounting
act of recording the price or value of a security, portfolio or account to reflect its current market value rather
than its book value.
16. wholesale funding: a) borrowings in the public debt market; b) funds borrowed by corporations, in high
amounts, through financial institutions.; c) long-term funding
17. credit-default swap(CDS): a) as a credit contract, where the purchaser makes payments up until the
maturity date of a contract; b) both parties accept the risk of default associated with a loan ; c) financial
swap agreement that the seller of the CDS will compensate the buyer (the creditor of the reference loan) in the
event of a loan default (by the debtor) or other credit event.
18. bankruptcy: a) a legal proceeding involving a person or business that is unable to repay outstanding
debts. ;b)the condition of completely lacking any good or desired quality; c) utter failure or impoverishment
19. oversight: a) an unintentional failure to notice or do something; b) regulatory supervision ; c) care
20. current-account deficit: a) a positive net sales abroad; b) the difference between a nation’s expense and its
investment.; c) a measurement of a country’s trade in which the value of goods and services it imports exceeds
the value of goods and services it exports.
21. overheated (housing) market: a) prolonged period of low economic growth; b) economic situation in
which growth is occurring so quickly that economists fear a rise in inflation; c) economy that is declining
rapidly
22.bad debt: a) a debt that is not collectible and therefore worthless to the creditor.; b) an amount owed by
a debtor that is likely to be paid due; c) money that will be written off
III. Provide synonyms for the words/phrases and use them in sentences of your own:
Collapse; ripple; lose track of; pooling; tranche; in the thick of things; housing bubble; credit surge; equity;
returns; at bay; credit crunch.
IV. Match the terms below with the correct definition; provide their Romanian equivalents; use these
terms to fill the blanks in the sentences below and translate these sentences into Romanian:
27
A. Broker; dealer; trader; investor; speculator; market maker; securitization; market player; securities house;
financial center
1. a city where a lot of financial activities happen, and there are many banks and financial organizations, and
often a stock exchange; 2. a person who allocates capital with the expectation of a financial return; 3. the
financial practice of pooling various types of contractual debt such as residential mortgages, commercial
mortgages and selling said consolidated debt as bonds or collateralized mortgage obligation (CMOs), to various
investors; 4. an individual or firm that charges a fee or commission for executing buy and sell orders submitted
by an investor; 5. a person who makes risky investments, anticipating a major change in the future price of
the asset; 6. a company or financial institution involved in a particular market; 7. a person or firm in the
business of buying and selling securities for their own account, whether through a broker or otherwise; 8. an
organization that issues (makes available and sells) companies' shares, bonds etc, trades in shares, bonds etc for
itself and for its clients, and provides other financial services to companies; 9. a broker-dealer firm that accepts
the risk of holding a certain number of shares of a particular security in order to facilitate trading in that
security; 10. an individual who engages in the transfer of financial assets in any financial market, either for
themselves, or on behalf of a someone else.
B. 1. ______ are wholesalers of shares who keep supplies of shares in which they deal, making a continuous
market for buyers and sellers. 2. The City of London is one of the most important ______ in the world. 3. ____,
_____ and ___ buy and sell on their own behalf or on behalf of other people and are traditionally seen as
looking for long-term gains.4. The decline was slowed by the absence of many _____ because of the summer
vacations. 5. Several American _____ have been buying shares this week, including Salmon Brothers. 6.
______ are traditionally seen as looking for short-term gains. 7. Some traders say the bond market was carried
up by foreign ______, especially in Japan. 8. ______ is the process of taking an illiquid asset, or group of
assets, and through financial engineering, transforming them into a security.
V. Define the terms below; provide their Romanian equivalents; use them to fill the gaps in the text
below; translate the text into Romanian:
Share issue; share flotation; share offering; initial public offering (IPO); rights issue; warrant; cash call; stock
market; shareholders; trading; derivatives; options; futures, swaps; over-the-counter market
1. Yesterday, the construction group announced a £ 104 million _____, its first _____ since the company was
floated on the stock market in 1963. 2.True, increased financial ____ might make prices more volatile, though
the evidence is weak. 3. In New York on Friday, the group disclosed plans to issue $690 million through a
global _____. 4. As Britain recovers from recession, companies will seek to raise finance through _____. 5.
______ companies have recommended is traders avoid Bluetooth handsets because of the potential attack. 6.
Buying _______ gives the right to buy a certain number of company’s shares for a given price at a later date. 7.
_______ are typically an opportunity for the founders and other early investors to
make high profits by cashing their stockholdings. 8. Capitalism has been totally corrupted by the economists’
slogan that companies are run only for ______.9. The company staff and its
private investors stand to make a small fortune from the _______. 10. There are many _____ on the pattern of
the US where unlisted securities are traded.11. Many exotic financial poducts include______. 12. A ______
28
means that a borrower agrees to exchange fixed interest payments on a loan on another borrower’s variable
interest payments. 13. A ______ contract is an order that you place to buy or sell an asset or commodity. 14. An
____ contract is the right, but not the obligation, to buy (call option) or to sell (put option) a given number of
shares of an underlying security at a predetermined price before a deadline.
VI. Use the terms below to fill the blanks in the sentences below; translate these sentences into Romanian:
bear market; rally; recovery; bull market; rebound; regain lost ground; gains; bullish; recover; bearish; regain
ground; wipe out gains;
On a clear day in a _____, some investors can see stock prices rising forever. Mr. Smith says the current
‘extreme’ _____ view of bond investors is likely to be as incorrect as the pessimism earlier this year. In a
_____, investment managers tend to put a larger proportion of their money into FT-SE stocks because of their
perceived defensive qualities. There is very little investor demand for gold bullion. Prices tend to rise only a
little on bullish developments, and they fall more on _____ one. Then Wall Street suddenly _____ to a _____
on the day. “_____, rally, rally,” shouted somebody. “This is panic buying.” The FT-SE Index, which has lost
nearly 150 points since it peaked last month, ______ some of its ______ and sprang back through the crucial
2,600 level close at 2,616.3 up 22.7 points. Many building and construction stocks _____, _____ some losses.
Shares staged a spectacular _____ yesterday and regained a lot of ground lost in Thursday’s bloodbath.
Deutsche Bank jumped 28.5 euro early in the session, pulling the broader market along. But profit-making soon
_____ these ____.
VII. Match these types of wrongdoing to their definitions; translate them into Romanian and use them in
sentences of your own:
bribery; embezzlement; fake; forgery; fraud; market rigging; money laundering; racket; scam; active
bribe; passive bribe; counterfeit money;
1. a thing that is not genuine; 2. the offence committed by the official receiving illegal money.3. the action of
forging a copy or imitation of a document, signature, banknote, or work of art; 4. illegally giving someone
money so that they act in your favour; 5. make an imitation of what is genuine with the intent to defraud; 6.
disguising the criminal origin of money such as drug money; 7. theft or misappropriation of funds placed in
one's trust or belonging to one's employer; 8. a service that is fraudulently offered to solve a problem, such as
for a problem that does not actually exist, that will not be put into effect, or that would not otherwise exist ; 9.
wrongful or criminal deception intended to result in financial or personal gain; 10. the offence committed by
the person who promises or gives illegal money to someone in order to act in your favour; 11. fixing the price of
something illegally; 12. a fraudulent, dishonest scheme, especially for making a quick profit.
VIII. The following terms designate various types of shares. Match them with the correct definition;
provide their Romanian equivalents; use the English terms to translate the sentences below from
Romanian into English:
ordinary shares; preferred shares; deferred shares; founder’s share; bonus share; participating share;
issued share; outstanding share; registered share; bearer share; transferable share; called-up share;
paid-up share; share index; share price
29
A. 1. the price of an individual share in a company; 2. a share entitling its holder to dividends which vary in
amount and may even be missed, depending on the fortunes of the company; 3. a stock that is registered on the
name of the exact owner; 4. stock issued to the originators of a firm; 5. a term of law and finance for the
quantity of shares of a corporation, which have been allocated (allotted) and are subsequently held by
shareholders; 6. the total amount of issued capital for which the shareholders are required to pay; 7. a share
which entitles the holder to a fixed dividend, whose payment takes priority over that of ordinary share
dividends; 8. an equity security that is wholly owned by whoever holds the physical stock certificate; 9. a
free share of stock given to current shareholders in a company, based upon the number of shares that the
shareholder already owns; 10. a measurement of the value of a section of the stock market; 11. a share that does
not have any rights to the assets of a company undergoing bankruptcy until all common and preferred
shareholders are paid; 12. a share that can be offered for sale to the general public; a share that can be sold
without any restrictions; 13. shares issued in which no more money is required to be paid to the company by
shareholders on the value of the shares; 14. preferred stock that besides being entitled to dividends at a fixed
rate is further entitled to share in additional distributions on a specified basis with the common stock of the
issuing company; 15. a company's stock currently held by all its shareholders,
B. 1. In caz de lichidare, detinatorii de actiuni preferentiale au prioritate fata de cei care detin actiuni ordinare.
2. Actiunile pot fi nominative sau la purator. 3. Indicele de bursa al actiunilor a batut un nou record. 4. Actiunile
cu privilegii de participare nu pot fi negociate la bursa de valori fara acordul directorilor. 5. Agentul de bursa
are procura pentru a tranzactiona actiunile foondatorilor. 6. Actiunile oferite spre rascumparare reprezinta acea
suma din capitalul companiei care a fost platit de cei care au achizitionat actiuni sau pentru care firma solicita
plata. 7.Actiunile transferabile sunt actiuni care pot fi tranzactionate de cumparatori si vanzatori la un pret
convenit de comun acord si care nu pot fi retrase din firma. 8. Actionarii firmei primesc actiuni gratuite fara nici
un cost aditional, pe baza numarului de actiuni detinute de un actionar si pe baza castigurilor acumulate care nu
sunt distribuite sub forma de dividende, dar sunt transformate in actiuni gratuite. 10. Pretul actiunilor variaza in
functie de cotatia la bursa, care variaza in functie de legea cererii si ofertei. 11. Actiunile emise si dobandite se
refera la numarul de actiuni pe care firma le-a emis si care pot fi cumparate si vandute, ca si actiunile restrictive
care necesita o autorizatie speciala inainte de a fi negociate. 12. Actiunile amanate cuprind o clasa de actiuni la
care dividendele se platesc numai dupa ce s-au platit dividendele la celelalte clase de actiuni. 13. In cazul
actiunilor platite integral, toata valoarea nominala a fost primita de companie. 14. Firma vinde public actiuni
emise pentru a atrage capital.
IX. The following terms designate various types of markets. Use them to fill the blanks in the sentences
below; translate the sentences into Romanian. Use the English terms to translate the sentences below
from Romanian into English:
Black market; commodity market; retail market; bond market, investment market; labour market; real
estate/property market; foreign exchange market; free market; capital market; spot market; forward
market; gold market; bear market; bull market
A. 1.Despite warnings, the bank falsely believed that its financial products in relation to the US ______ were
valuable and sufficiently hedged against losses. 2. Through deliberate acts or neglect or both, Imperial Tobacco
is facilitating tobacco smuggling and managing the ______ in its products. 3. The unique business practices
30
which grew out of the _____ successfully operated within a social economy for several decades. 4. One
common measure says that a _____ exists when at least 80% of all stock prices rise over an extended period.
5.The traditional _______ has provided traders with the opportunity to exchange raw products on a large scale
basis. 6. For decades, options and futures have been the two main derivatives in the _______. 7.
The sale of goods to the public in relatively small quantities for use or consumption takes place on the
_______.8. _______ tend to develop when the economy enters a recession, unemployment is high, and inflation
is rising. 9. If they underestimate demand, they will need to purchase additional electricity on the ______ at
high prices. 10. Foreign banks are pouring resources into London in anticipation of a huge new Euro corporate
_____ here in the next few years.11. There was no immediate reaction on the ______, with the yen trading at
109.35 per dollar, hardly changed from Friday. 12. A ______ is a market in which contracts are made to buy or
sell currencies, commodities, etc at some futures date at a price fixed at the date of the contact. 13. The _____
includes the channels or outlets for distributing bonds and other
investments. 14. In the capitalist and developing countries, there are special centers where gold is bought and
sold on a regular basis, namely the _______. 15. These regional disparities are not the only sign that all is far
from well in the UK ______.
B. 1. Piata imobiliara se refera la tranzactiile prin care se acorda drepturi de proprietate sau de folosinta asupra
locuintelor si terenurilor, pretul de tranzactie depinzand de interactiunea dintre cerere si oferta. 2. Pe piata cu
amanuntul isi desfasoara activitatea comerciantii care, de regula, vand produse direct consumatorilor pentru
uzul lor personal. 3. Pana nu demult tranzactiile cu valute era prioritatea bancilor mari, astazi, gratie sistemelor
de tranzactionare electronice, piata valutara a devenit accesibila tuturor.4. Preţurile mărfurilor agricole au scăzut
semnificativ săptămâna trecută, pe piaţa americană de marfuri, după ce Departamentul Agriculturii din SUA
(USDA) a lansat previziuni optimiste pentru recolta, respectiv stocurile locale şi mondiale de cereale. 5. Pieța
libera este o institutie care se concretizează ca bună practică şi este bazata pe principiul fundamental al
securității dreptului de proprietate, pe pricipiile democratice și ale statului de drept, iar mecanismul liberei
concurențe face posibilă tranzacționarea între agenții economici.6. Piata aurului a scazut anul trecut cu 15%, la
3.756 tone, pe fondul retragerilor masive efectuate de investitori, insa cererea din partea consumatorilor de
retail, pentru produse precum bijuterii, lingouri sau monede, a crescut puternic si a atins un nivel record,potrivit
datelor World Gold Council. 7. Acţiunile Electrica au atins un nou record, într-o piaţă în urcare.8. In contextul
in care spitalele din Africa de Vest se chinuie sa faca fata numarului tot mai mare de persoane infectate cu
virusul Ebola, pacientii disperati se indreapta spre piata neagra, dorind sa cumpere sange de la cei care au
supravietuit virusului, potrivit Organizatiei Mondiale de Sanatate.9. Piata obligatiunilor in Romania este
formata in prezent din obligatiunile listate la cota Bursei de Valori Bucuresti.10. Piața muncii este spațiul
economic în care se întâlnesc, se confruntă și negociază în mod liber cererea de forța de muncă, reprezentată de
angajatori și oferta, reprezentată de posesorii de forță de muncă. 11. Firma Gealan România, producătorul de
profile termoizolante, se aşteaptă la o cifră de afaceri de aproximativ 23,5 milioane de euro pentru acest an,
pastrandu-si astfel stabilitatea pe o piata in scadere. 12. Piata la termen este cea mai necunoscuta agentilor
economici din Romania deoarece nu exista un precedent in tara noastra. 13. Asociatia Adminstratorilor de
Fonduri din Europa a publicat un raport statistic privind evolutia pietii investitiilor in anul 2013 pe teritoriul
european. 14. Piata de capital reprezinta o piata specializata unde se intalnesc si se regleaza in mod liber cererea
si oferta de active financiare pe termen mediu si lung. Este vorba despre o piata pe care se tranzactioneaza in
mod liber valori mobiliare, o piata care are ca rol principal mobilizarea capitalurilor si care urmareste plasarea
profitabila a acestor capitaluri. 15. Piata la vedere se refera la piata in care marfurile si valorile mobiliare sunt
vandute cu plata in numerar si cu livrare fizica imediata.
31
X. Choose the correct alternative to complete the sentences below. Translate the sentences into
Romanian:
1. _______ is a general term used for all types of shares.
a) investments; b) securities; c) derivatives
2. The section in the Stock Exchange where the stocks and shares are bought and sold is known as _______ .
a) the market place ; b) the commodity exchange; c) the floor
3. His investments have been successful, so he decided to ________

a) plough back; b) buy; c) change money
4. The prices which are given for shares purchase or sale on the Stock Exchange are known as _______ .
a) stocks ; b) quotes; c) charges
5. Jobbers sell shares to or buy shares from ________ .
a) companies ; d) individuals; c) brokers
6. The Clearing House is an ________ which pays or receives payment for the contracts traded on the Stock
Exchange.
a) insurance ; b) exchange ; c) intermediary
7. Trading of futures and options on LIFFE (London International Financial Futures And Options Exchange) is
performed ________
a) by outcry and hand signals; b) on the telephone; c) through fax machines
8. Footsie is largely available as it refers to _________ .
a) bonds; b) FTSE 100 Index; c) Dow Jones Index
XI. Fill in the blanks with the appropriate term from the list below; translate the text into Romanian; use
the English terms in sentences of your own:
Market; prices; shares; gild-edged; life; data; brokers; securities; compete; charges; dealing; premiums;
screens; information; trading
32
The Stock Exchange is a ______ place where securities are traded. Premiums, i.e. the ______ per share are
expressed in pence. The securities which are bought and sold include both company _______ and the U.K.
government stocks known as ______ securities. The investments may be direct, i.e. the purchase of shares in a
company which has recently come into the market, and indirect, i.e. investments made by people who pay into a
pension scheme, have _____ assurance or subscribe to a trade union. After the Big Bang changes in the history
of the Stock Exchange, instead of _____ and jobbers, all member firms operate as both brokers and dealers
which enables them to freely buy and sell ______ without dealing through a jobber. Nowadays, the Stock
Exchange is open not only to individuals but to corporate members as well. As a result, the members including
banks, financial institutions, insurance companies and foreign securities firms can _______ internationally due
to their size and capital. The stockbrokers are now able to set their own ______ in accordance with the service
they provide. As the Stock Exchange business is increasing a new electronic ______ system called the Stock
Exchange Automated Quotations (SEAQ) was introduced. SEAQ simultaneously shows data regarding the
________ on television ______ in brokers’ offices all over the world and the _______ are permanently updated
as the market makers let the SEAQ central system of _____ know about any new ________. At present, trading
is performed over a screen rather than on the market floor.
XII. TRANSLATE INTO ENGLISH: Zona euro incepe sa isi revina timid, insa diferentele N-S se
adancesc
Analistii EY au remarcat o revenire timida a zonei euro, desi pentru acest an se estimeaza o contractie
economica de 0,5% din PIB. Din 2014 totusi, economia zonei euro ar putea avansa cu 0,9%, iar in perioada
2015-2017 ritmul va accelera la 1,5% pe an."O revenire economica generala incepe sa se faca simtita in zona
euro insa, in ciuda semnalelor pozitive, cresterea economica se asteapta sa fie lenta. Relaxarea masurilor de
austeritate si accelerarea activitatii comerciale la nivel global vor contribui la redresarea estimata pentru
sfarsitul anului, insa vor fi resimtite efectele somajului in crestere si ale adancirii diferentelor de la nivelul
continentului", se arata in raportul de toamna al EY - Eurozone Forecast (EEF).Astfel, exporturile vor sustine
cresterea de 0,9% din 2014, an in care se asteapta ca somajul sa atinga un varf, de 12,6%.EY Eurozone Forcast
estimeaza pentru Romania o crestere de 1,9% a PIB-ului si o accelerare a cresterii pana la 2,2% in 2014, pe
masura ce conditiile externe, in mod special starea economiilor din zona euro, vor incepe sa se
imbunatateasca.Cresterea va fi sustinuta in acest an, pe langa exporturi, si de productia agricola buna. Economia
va beneficia, de asemenea, de relaxarea politicii monetare, dupa ce banca centrala a redus dobanda de politica
monetara atat in iulie, cat si in august.Analistii EY au remarcat ca, in ciuda revenirii timide, continua sa se
inregistreze diferente tot mai mari intre tarile din centrul si cele de la periferia zonei euro. Germania ramane
centrul de putere al zonei euro, cu o crestere de 0,6% in acest an, insa tot mai multe dintre economiile marginale
cu probleme continua sa se contracte in 2013, chiar daca vorbim de un ritm mai lent de scadere.Conform
previziunilor, este de asteptat o stabilizare a economiilor Italiei si Portugaliei, in 2014, si a Greciei in
2015.Somajul din Zona Euro va continua sa creasca atingand un varf de 12,6% la mijlocul anului 2014.
Diferentele semnificative ale ratei somajului la nivelul intregului continent vor persista, in Spania si Grecia
atingandu-se 27,6% si, respectiv, 29%, in 2014, in timp ce in Germania se estimeaza o rata a somajului de doar
5,4%.Se estimeaza, de asemenea, ca redresarea economica va continua sa fie incetinita de procesul de reducere
a gradului de indatorare atat in sectorul public cat si in cel privat, precum si de lipsa unor surse avantajoase de
finantare. Ambele aspecte vor avea un impact mai mare asupra economiilor marginale, conducand la diferentieri
si mai accentuate fata de tarile nucleu din zona euro.„Pentru prima data in ultimele opt prognoze realizate de
EY, estimam o crestere modesta pentru urmatorul trimestru si pentru anul viitor in zona euro. Cu toate acestea,
factorii de decizie politica nu trebuie sa se multumeasca doar cu atat. Diferentele intre conditiile de finantare si
33
evolutiile pietei fortei de munca de pe intreg continentul raman semnificative. Calmul relativ de pe pietele
financiare trebuie sa fie, de asemenea, folosit pentru a accelera procesul de restructurare, in special in sectorul
bancar", a spus Marie Diron, Senior Economic Adviser EY.
34

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3RD YEAR TRANSLATION STUDIES

BUSINESS ENGLISH AUTUMN TERM 2016-2017

I.TRANSLATE INTO ROMANIAN:

II.DECIDE WHICH OF THE THREE ALTERNATIVES GIVEN MEANS APPROXIMATELY THE

III.TRANSLATE INTO ENGLISH:

V.MATCH THE TERMS IN LIST A WITH THEIR CORRECT DEFINITION IN LIST B,

A. MONETARY POLICY; COMMODITY PRICE; EXCHANGE RATE; EMPLOYMENT; GROSS

DEBENTURES, SHARES, ISSUES, AUTHORISED CAPITAL, LODGE, SUBJECT, MANAGEMENT,

3RD YEAR TRANSLATION STUDIES

I.TRANSLATE INTO ROMANIAN:

IX.MATCH THE TERMS IN LIST A TO THEIR ANTONYMS IN LIST B; TRANSLATE BOTH

A. REVENUE, NET, PROFIT, SUPPLY, WHOLESALE, STOCKS, PRIVATE SECTOR, STATE-OWNED

B. BOARD ROOM; EXPENDITURE; COLLAPSE; DEBT; UNSKILLED LABOUR; GROSS; WHITE-

I.TRANSLATE INTO ROMANIAN:

III.Translate into English: Bursa de Valori mizează pe artificii

V.Translate the following terms into Romanian:

3RD YEAR TRANSLATION STUDIES

I.TRANSLATE INTO ROMANIAN:

III. TRANSLATE INTO ENGLISH:

A. ASSIGN; INDIVIDUALS; CHANGE; MANNER; SINGLE; DIRECTED; ACCOMPLISH; GROUPS;

VI.MATCH EACH TERM WITH THE APPROPRIATE DEFINITION:

1. The cost of living _______ as high as 3.1% on a year-to-year basis in June.

8. Japanese production has _______, falling by 9% fromits peak in 1991.

I.TRANSLATE INTO ROMANIAN: The role of the central banks

VIII. Fill in the blanks with the appropriate terms below:

X. Translate into English:

3RD YEAR TRANSLATION STUDIES

1. _______ is a general term used for all types of shares.

a) investments; b) securities; c) derivatives

a) the market place ; b) the commodity exchange; c) the floor

3. His investments have been successful, so he decided to ________

a) stocks ; b) quotes; c) charges

5. Jobbers sell shares to or buy shares from ________ .

a) companies ; d) individuals; c) brokers

a) insurance ; b) exchange ; c) intermediary

a) by outcry and hand signals; b) on the telephone; c) through fax machines

8. Footsie is largely available as it refers to _________ .

a) bonds; b) FTSE 100 Index; c) Dow Jones Index

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