GAZDASGI SZAKNYELV II.

2011/2012-es tanv 2. flv

LGB_IT 030_2, tantrgyk

K!t"#"$% &r'a#'()
o Homolya Katalin-Robert Thiessen (2008):Toi! by Toi!. "#$aest: %#la Kia$&.
o a' o(tat& )ltal *ss'e)ll+tott on-line tanse,$let
A k*r$*+ ,-#.a) a' -e!onom ,a'$as),i s'a(nyelvi vi's,a s'&beli tma(*reine( tov)bbfolytat)sa.
sa/t&!i((e( *ss'efo,lal)sa
/rt-k"#-+) bea$an$& fela$at s s'&beli vi's,a. *t/e,y0 s()la

Tananyag)
1. %$&')s: a f1bb a$&fa/t)( nevei. a ma,yar a$&')s r*vi$
ismertetse
2. "efe(tetsi lehet1s,e(: a t1's$vel (a!solatos (ife/e'se(
2. 3em'et(*'i (eres(e$elem: rve( a s'aba$ (eres(e$elem
mellett s ellen
4. 5lobali')!i&: fo,alma(
6. 78: %' 78 m0(*$svel (a!solatos ,a'$as),i (r$se(. a
b1v+ts el1nyei s h)tr)nyai
9. % ma,yar ,a'$as), a(t#)lis (r$sei
:. 5a'$as), s t)rsa$alom
8. % ,a'$as),i tm)/; bes')mol&(ho'. sa/t&!i((e(he' has'n)latos
nyelvi (ife/e'1es'(*'*(

K!t"#"$% 0"aan a +$'rga#(& &%+$ak 1-g-&g a tananyag 1-g-n ta##2at a#00& ,&kk"k ang'#
ny"#13 !++$"4'g#a#+a)
o 7#roe Threatens to <#sen$ <#bsi$ies to H#n,ary
o H#n,arian <t#$ents =e!ry <tate <onsorshi >#ts an$ -ther >han,es
o %,ein, o#lation

A +$0"#& 1&$+ga k-r-+"&)

1. ?hat is the #rose of ta@ationA
2. ?hat ta@es $oes an in$ivi$#al have to ay in H#n,aryA
2. HoB !an the ,overnment fi,ht a,ainst the bla!( e!onomyA
4. ?hat are the most !ommon ban(in, servi!esA
6. ?hat Bays are there to invest yo#r moneyA
9. ?hat is the role of the <to!( 7@!han,e on the finan!ial mar(etA
:. ?hat are the f#n!tions of the !entral ban(A
8. ?hy is it ne!essary for ,overnments to ta(e rote!tionist meas#resA
C. >hara!terise the 78 as a tra$in, blo!D
10. HoB $oes ,lobali'ation affe!t international tra$eA
11. HoB has life !han,e$ in H#n,ary sin!e it be!ame an 78 memberA
12. ?hat are the !onseE#en!es of the a,ein, o#lationA
12. >o#l$ yo# mention some of the meas#res Bhi!h have been intro$#!e$ by the ,overnment
re!ently to $e!rease the b#$,et $efi!itA

TA5ATI6N

7A89:;<
- ?hat ta@es $o yo# (noBA
- ?hat ta@es have to be ai$ by in$ivi$#alsA
- =o yo# thin( that !omanies have to ay more ta@esA
- ?hat is the #rose of ta@ationA
- Fs there any !onne!tion betBeen ta@ rates an$ investmentsA

8EADING
B"4'r" r"a&ng t2" t"=t a0'*t ta=at&'n &n >*ngary +t*y t2" 4'##'?&ng ?'r+.
ta@ a#thority ersonal in!ome ta@ val#e a$$e$ ta@ self-assessment system
ta@ ret#rn to a#$it ta@ in!entive $eveloment ta@ alloBan!e

9at,2 t2" ?'r+ 4r'( t2" 0'= ?&t2 t2"&r "4&n&t&'n+.
- to e@amine re!or$s or finan!ial a!!o#nts to !he!( their a!!#ra!y
- a re$#!e$ ta@ rate or e@emtion that a ,overnment rovi$es as an in$#!ement to forei,n $ire!t
investment
- an offi!ial instit#tion resonsible for !olle!tin, ta@es
- ta@ levie$ on ,oo$s an$ servi!es
- an offi!ial $o!#ment file$ by ta@ayers $e!larin, their liability for ta@ation
- a system a!!or$in, to Bhi!h the ta@ayers themselves are resonsible for their ta@ affairs
- ta@ imose$ on in$ivi$#alsG in!omes
- a (in$ of in!entive by the ,overnment Bhi!h is ,rante$ in !ase of $eveloment ro/e!ts

@'r( ,'(A'*n+ *+&ng t2" ?'r ta=. E.g.: tax authority

8"a t2" 4'##'?&ng t"=t
Hersonal in!ome ta@ an$ I%T Bere intro$#!e$ into the H#n,arian ta@ system in 1C88. This Bas a first
ste in a lon, ro!ess of ta@ reform. The ne@t ma/or ste. #n$erta(en in 1CC1. Bas the mo$erni'ation
of the !ororate in!ome ta@ system. Fn 1CC2. the I%T le,islation Bas f#rther mo$ifie$ to !onform. at
least in rin!ile. to the I%T systems #se$ in the 7#roean 8nion. ?ith H#n,aryJs a!!ession into the
7#roean 8nion. several !han,es have been imlemente$ in the H#n,arian ta@ le,islation $#rin, the
ast feB years to !omly Bith the 78 ta@ $ire!tives.
>#rrently. the folloBin, si,nifi!ant ta@es an$ levies are imose$ in H#n,ary:

>ororate Ta@ >ontrib#tion to the >#lt#ral K#n$
<oli$arity <#rta@ for >omanies Fnnovation >ontrib#tion
Ial#e %$$e$ Ta@ (I%T) >#stoms =#ties
Hersonal Fn!ome Ta@ (HFT) 7@!ise =#ties
<o!ial <e!#rity >ontrib#tions Hroerty Transfer Ta@
>ontrib#tion to the Rehabilitation K#n$ =eath. 5ift an$ Fnheritan!e Ta@es
>ontrib#tion to the Io!ational Trainin, K#n$ 7nvironmental Hrote!tion >har,e
7ner,y Ta@ 7nvironmental Holl#tion >har,e
L#@#ry Ta@ Lo!al Ta@es
>omany >ar Ta@ Re,istration Ta@
"an( Ta@
The H#n,arian ta@ation system has $eveloe$ in re!ent years is noB !lose to the level of !omle@ity
fo#n$ in ?estern 7#roe. Ta@ laBs in H#n,ary are ena!te$ by Harliament. The Ta@ %#thority rovi$es
only interretative an$ a$ministrative ,#i$elines for these laBs.
H#n,arian ta@ation oerates #n$er a self-assessment system. Ta@ayers are reE#ire$ to re,ister.
$etermine their ta@ obli,ation. ma(e a$van!e ayments. file ta@ ret#rns on their oBn behalf. ma(e
!orre!tions to the ta@ ret#rns as nee$e$. (ee re!or$s an$ s#ly information as reE#ire$ by laB.
>ororations are s#b/e!t to !ontin#o#s assessment thro#,ho#t the year. The a#thorities ran$omly
e@amine ta@ ret#rns to enfor!e the self-assessment system. The Hea$ of the Ta@ %#thority (%H7H)
$etermines the tar,et areas to be a#$ite$ in ea!h ta@ year.
(from: htt://BBB.it$h.!om/en,ine.as@Aa,eMFt$hNTa@ationO)

B*&# 1"r0 B n'*n ?'r ,'(0&nat&'n+ ?&t2 t2" 2"#A '4 t2" t"=t. E.g.) to file a tax return

to imose a ste
to imlement ta@ laBs
to mo$ify ,#i$elines
to ena!t ta@es
to s#ly ta@ obli,ation
to #n$erta(e I%T le,islation
to a#$it !han,es
to enfor!e ta@ alloBan!e
to rovi$e information
to $etermine the tar,et areas
to !laim /obs
to !reate self-assessment


BANKING


St*y t2" 0a+&, 1',a0*#ary.

C. 0a#an," n. the $ifferen!e betBeen !re$its an$ $ebits in an a!!o#nt
2. 0ank ,2arg"+ n. money ai$ to a ban( for the ban(Js servi!es et!
3. 0ran,2 n. lo!al offi!e or b#rea# of a ban(
D. ,2",k0''k
;S
n. boo( !ontainin, $eta!hable !he!(sP !heE#eboo(
8K

E. ,2",k
;S
n. Britten or$er to a ban( to ay the state$ s#m from oneJs a!!o#ntP
!heE#e
8K

F. ,r"&t n. money in a ban( a/!P s#m a$$e$ to a ban( a/!P money lent by a ban(
- also v.
G. ,r"&t ,ar n. (lasti!) !ar$ from a ban( a#thorisin, the #r!hasin, of ,oo$s on
!re$it
H. ,*rr"nt a,,'*nt n. ban( a/! from Bhi!h money may be $raBn at any timeP !he!(in,
a!!o#nt
8<

I. "0&t n. a s#m $e$#!te$ from a ban( a!!o#nt. as for a !heE#e - also v.
C0. "A'+&t a,,'*nt n. ban( a/! on Bhi!h interest is ai$P savin,s a!!o#nt
8<


(from: htt://BBB.en,lish!l#b.!om/vo!ab#lary/20Nban(in,.htm)

T"r(&n'#'gy)
- J"ntra# 0ank) monetary oli!y. ,overnmentGs ban(er. ban(ersG ban(. len$er of last resort.
iss#es !oins an$ ban(notes
- J'(("r,&a# 0ank &n >*ngary) a #niversal ban( Bith a Bi$e ran,e of ro$#!ts an$ servi!es
both for rivate !#stomers an$ small b#sinesses. !ororate !#stomers an$ m#ni!ialities. a
Qfinan!ial $eartment storeQ
- J'(("r,&a# 0ank &n t2" ;K) retail ban(. hi,h-street ban( Bith servi!es for the #bli!
- 9"r,2ant 0ank K;KL &n1"+t("nt 0ank K;SL) iss#es an$ #n$erBrites se!#rities

9at,2 t2" 1"r0+ an n'*n+ ,'n,"rn&ng 0ank&ng.

C. transfer a. a statement
2. re!eive 0. an or$er
3. s#bmit ,. money
D. ay . an a!!o#nt
E. oen ". the balan!e
F. !he!( 4. interest rate

J2''+" t2" r&g2t ?'r 4r'( t2" #&+t t' ,'(A#"t" "a,2 +"nt"n,".

'1"rra4t 4a,&#&ty #'an+
0'n+ +tan&ng 'r"r A"n+&'n

a. ?e offer NNNNNNNNNNNNNNNNNN for b#yin, !ars an$ homes.
b. To hel a !#stomer !over e@enses Bitho#t any Borries. Be re!ommen$ a/an NNNNNNNN.
!. ?e !an mana,e investments s#!h as shares. real estate an$ NNNNNNNNNNN.
$. Kor retirement lannin, Be have ,ot e@!ellent NNNNNNNNNN a!!o#nts available.
e. % !#stomer !an arran,e a/an NNNNNNNNNto have transfers ma$e on a set timetable.



CC. 4&## &n
;K
v. to a$$ Britten information to a $o!#ment to ma(e it !omleteP to fill
o#t
8<

C2. &nt"r"+t n. money ai$ for the #se of money lent - &nt"r"+t rat" n.
C3. #'an n. money lent by a ban( et! an$ that m#st be reai$ Bith interest - also
v.
CD. '1"rra4t n. $efi!it in a ban( a!!o#nt !a#se$ by Bith$raBin, more money than is
ai$ in
CE. Aay &n v. RAa&, Aa&S to $eosit or #t money in to a ban( a!!o#nt
CF. Aay"" n. erson to Bhom money is ai$
CG. Aay&ng:&n +#&A n. small $o!#ment re!or$in, money that yo# ay in to a ban( a!!o#nt
CH. +tan&ng 'r"r n. an instr#!tion to a ban( to ma(e re,#lar ayments
CI. +tat"("nt n. a re!or$ of transa!tions in a ban( a!!o#nt
20. ?&t2ra? v. R:r"?, :ra?nS to ta(e money o#t of a ban( a!!o#nt - withdrawal
n.
T2" (a&n 4*n,t&'n+ '4 ,'(("r,&a# 0ank+)
- to !olle!t $eosits
- to !reate loans
- to transfer money

S"r1&,"+ 4'r ,#&"nt+)
1. to oen an a!!o#nt T a!!o#nt hol$er
2. to $eosit money T $eositor
- !#rrent a!!o#nt (($eman$ $eosit. si,ht $eosit. transa!tional a!!o#nt). to
have a!!ess to f#n$s on $eman$
to ay o#t,oin,s ($ebits)
to ,et in!omes (!re$its)
to over$raB U to ay an over$raft !har,e
to re!eive a ban(!ar$: $ebit !ar$ vs. !re$it !ar$
o #se$ for #r!hases. !ash Bith$raBals. re!har,in, mobile
hones. balan!e inE#iry. short-term len$in,
to ,et a ban( statement: information abo#t yo#r balan!e
to ,ive a stan$in, or$er
- $eosit a!!o#nt (time/term $eosit): to have a!!ess to f#n$s only after the
mat#rity $ate. otherBise no interest is ai$
2. to aly for loans (ersonal loans an$ mort,a,es)
4. to #se investment ban(in, servi!es (investment f#n$s an$ se!#rities)
6. to as( for asset mana,ement
9. to e@!han,e forei,n !#rren!y
:. to #se leasin, an$ fa!torin, servi!es


S&t*at&'n+
C. % ,ro# of st#$ents ma/orin, in FT Bo#l$ li(e to oen an Fnternet !af. HoB !an they raise
finan!e for the b#sinessA
a. >onsi$er the a$vanta,es an$ $isa$vanta,es of the folloBin, otions.

%$vanta,es =isa$vanta,es
"an( loan
Vort,a,e
5overnment ,rant
Ient#re !aital
Hersonal savin,s
5oin, into artnershi
% loan from a family or
frien$




b. -n Bhat !on$itions !an they be ,rante$ a loanA
>hara!ter: reliable. to ay romtly. to !he!( ban(r#t!y
>aital: initial an$ Bor(in,
>ollateral or ,#arantee. se!#rity: an asset in t#rn for the loan
>aa!ity: the amo#nt of the instalment er month
>on$itions: viability of the b#siness
!. ?hat $o yo# thin( Bo#l$ be the stren,ths of s#!h a b#sinessA
$. HoB Bill they be able to reay the loanA
e. 5ive some a$vi!e on the best otion.

2. % yo#n, !o#le Bo#l$ li(e to b#y some $#rables for their ho#sehol$. HoB !an they raise
moneyA ?hat loan s!hemes Bo#l$ yo# offer themA

a$vanta,es $isa$vanta,es
ersonal loan.
hire #r!hase (HH)
over$raft.
!re$it !ar$
store !ar$

.

INVEST9ENTS) St',k E=,2ang"
B"ar+ #'+" ('n"y, 0*##+ (ak" ('n"y, an A&g+ g"t +#a*g2t"r".


B& The ri!e a b#yer is Billin, to offer for shares in a !omany.

B#*" J2&A
St',k+
<to!(s of lea$in, !omanies Bith a re#tation for stable ,roBth
an$ earnin,s.
B'n >ertifi!ate iss#e$ by !omanies an$ ,overnments to its len$ers.
JaA&ta#
Voney an$ other roerty of !omanies #se$ in transa!tin, the
b#siness.
JaA&ta# +t',k %ll shares reresentin, oBnershi of a !omany.
J'(('&t&"+
Hro$#!ts s#!h as a,ri!#lt#ral ro$#!ts an$ nat#ral reso#r!es
(Boo$. oil an$ metals)
that are tra$e$ on a searate. a#thori'e$ !ommo$ities
e@!han,e.
D&1&"n
% ortion of a !omanyJs earnin,s Bhi!h is ai$ to the
sharehol$ers/sto!(hol$ers
on a E#arterly or ann#al basis.
EM*&ty
The val#e of sto!(s an$ sharesP the net val#e of mort,a,e$
roerty.
EM*&t&"+
<to!(s an$ shares Bhi!h reresent a ortion of the !aital of a
!omany.
@*t*r"+ >ontra!ts to b#y or sell se!#rities at a f#t#re $ate.
In+&"r
%ll those Bho have a!!ess to insi$e information !on!ernin, the
!omany.
In+&"r
"a#&ngNtra&ng
"#yin, or sellin, Bith the hel of information only to those
!onne!te$ Bith the b#siness.
I<6
Fnitial H#bli! -fferin, - sellin, art of a !omany on the sto!(
mar(et.
I++*" H#t into !ir!#lation a n#mber of a !omanyJs shares for sale.
L&a0&#&t&"+ The $ebts an$ obli,ations of a !omany or an in$ivi$#al.
9'rtgag" %,reement by Bhi!h a ban( or b#il$in, so!iety len$s money for
the #r!hase of roerty.
s#!h as a ho#se or aartment. The roerty is the se!#rity for
the loan.
9*t*a# 4*n
<avin,s f#n$ that #ses !ash from a ool of savers to b#y
se!#rities s#!h as sto!(. bon$s an$ real estate.
6At&'n
The ri,ht to b#y an$ sell !ertain se!#rities at a se!ifie$ ri!e
an$ erio$ of time.
<ar 1a#*" 3ominal fa!e val#e.
<"nny +t',k <hares sellin, at less than W1 a share.
<'rt4'#&' Iario#s tyes of se!#rities hel$ by an in$ivi$#al or instit#tion.
S",*r&t&"+
Transferable !ertifi!ates shoBin, oBnershi of sto!(. bon$s.
shares. otions. et!.
S2ar"
The !aital of a !omany is $ivi$e$ into shares Bhi!h entitle the
oBner. or sharehol$er.
to a roortion of the rofits.

S2ar"
,"rt&4&,at"
>ertifi!ate reresentin, the n#mber of shares oBne$ by an
investor.
S2ar"2'#"r -Bner of shares.
SA",*#at'r
<omeone Bho b#ys an$ sells sto!(s an$ shares in the hoe of
ma(in, a rofit thro#,h
!han,es in their val#e.
St',k
<hares (ortion of the !aital of a b#siness !omany) hel$ by an
investor.
St',k0r'k"r
% li!ense$ rofessional Bho b#ys an$ sells sto!(s an$ shares for
!lients
in e@!han,e for a fee. !alle$ a J!ommissionJ.
St',k2'#"r Herson Bho oBns sto!(s an$ shares.
Tra"r
Fnvestor Bho hol$s sto!(s an$ se!#rities for a short time
(min#tes. ho#rs or $ays)
Bith the ob/e!tive of ma(in, rofit from short-term ,ains in the
mar(et.
Fnvestment is ,enerally base$ on sto!( ri!e rather than
eval#ation of the !omany.
Tra&ng +"++&'n Herio$ $#rin, Bhi!h the <to!( 7@!han,e is oen for tra$in,.
V"nt*r"
,aA&ta#
Voney raise$ by !omanies to finan!e neB vent#res in e@!han,e
for er!enta,e
oBnershi.
Y&"# Ret#rn on investment shoBn as a er!enta,e.

htt://BBB.learn-en,lish-to$ay.!om/b#siness-en,lish/investment-vo!ab#lary.htm

T2" r'#" '4 t2" +t',k "=,2ang"
- to raise !aital for b#sinesses (by sellin, shares to the investin, #bli!)
- to mobilise savin,s for investments
- to fa!ilitate !omany ,roBth (ta(eover bi$. mer,er a,reement)
- to re$istrib#te Bealth (sto!( ri!e in!reases. $ivi$en$s)
- to raise !aital for the ,overnment (by iss#in, bon$s)
- to in$i!ate the ,eneral tren$ of the e!onomy (barometer) (b#llish bearish)

t2" +t',k (ark"t &n"=) may rise or fall $ay to $ay (b#llish X. bearish -)
- $een$in, on the latest e!onomi!. oliti!al an$ !omany neBs
- emloyment fi,#res. retail sales. international tra$e ne,otiations.
- !onfli!ts. neB le,islation. ele!tions
- the fore!asts ma$e by ma/or !omanies


S>A8ES AND B6NDS
S2ar"+ B'n+
Fss#e$ by !omanies Fss#e$ by !omanies an$ the ,overnment
To raise money To borroB money
-Bner: sharehol$er -Bner: bon$hol$er
Yiel$: $ivi$en$ (not a#tomati!) Yiel$: interest rate
Ris(y: the mar(et ri!e !an be
loBer or hi,her than the fa!e val#e
Less ris(y: the interest rate is fi@e$. the
rin!ial Bill be reai$ Bhen the bon$
be!omes mat#re
Tyes: or$inary an$ referen!e Tyes: ,overnment bon$s. treas#ry bills.
!ororate bon$s


S&t*at&'n)
Yo# have Bon 60 000 7#ro on the lottery. HoB Bo#l$ yo# invest itA Thin( of $iversifie$
ortfolios. 5ive yo#r reason for the !hosen ortfolios.
Hossibilities:
- <7: bon$s an$ shares
- "an(: $eosit a!!o#nt. investment f#n$s
- -enin, a small b#siness
- Zoinin, a artnershi as a silent artner


INTE8NATI6NAL T8ADE

7A89:;<
- T2&nk '4 +'(" '4 t2" t2&ng+ y'* '?n. 72"r" ?"r" t2"y (a"O
o shoes:
o !ar:
o !om#ter:

- 72at ar" y'*r ,'*ntryP+ (a.'r "=A'rt+ an &(A'rt+O Gr'*A t2" 4'##'?&ng Ar'*,t+.

Bines. raB materials. harma!e#ti!als. tinne$ foo$. sa#sa,es. !ars. !ons#mers ele!troni!s.
ho#sehol$ ma!hines. $es( tos an$ latos. !om#ter a!!essories. tele!omm#ni!ations eE#iment.
a#tomobile arts an$ a!!essories.

- D' y'* t2&nk Ar'*,t+ (a" &n y'*r ,'*ntry ar" 0"tt"r t2an Ar'*,t+ (a" &n 't2"r ,'*ntr&"+O

<#a," t2"+" ,'*ntr&"+ 'n t2" ,2art 0"#'?O
Kran!e "ra'il 5ermany 5ree!e Ftaly Zaan
R#ssia <in,aore 8K 8< H#n,ary

Ri!h in nat#ral reso#r!es
8<%


LoB 5=H er !aita Hi,h 5=H er !aita




Hoor in nat#ral reso#r!es




V6JAB;LA8Y
;+" t2" ?'r+ &n t2" 0'= t' ,'(A#"t" t2" ta0#".

barriers $#min, rote!tionism E#otas ?T-
oen bor$ers $ere,#lation free ort strate,i! in$#stries
liberalise s#bsi$ise infant in$#stries restri!tions !#stoms

in favo#r of free tra$e a,ainst free tra$e


DISJ;SSI6N
- Fs free tra$e alBays a ,oo$ thin,A
- =o yo# thin( it lea$s to the !reation of /obs. or #nemloymentA
- <ho#l$ !ertain in$#stries be rote!te$A Ff so. Bhi!hA
(from: >otton-Kalvey-Kent (2006): Var(et Lea$er: Fnterme$iate "#siness 7n,lish. Lon,man. 49-4:)

72y "=A'rtO
1. to in!rease sales an$ reven#e. 7@ortin, Bill alloB yo# to ta(e a$vanta,e of any #n$er-#se$
!aa!ity. in!rease ro$#!tion. re$#!e #nit !osts thro#,h e!onomies of s!ale an$ in!rease
rofits if thin,s ,o Bell.
2. to $iversify: Relyin, on /#st o#r oBn $omesti! mar(et is ris(y. <ellin, to other !o#ntries /#st
srea$ the ris(.
"efore e@ortin, some resear!h is to be $one on the forei,n mar(et on the folloBin, iss#es:
ba!(,ro#n$: e!onomi! sit#ation. oliti!al stability. !#rren!y ris(
mar(et si'e an$ ro$#!t $eman$
!ometition: similar ro$#!ts
$istrib#tion !hannels: a,ents. $istrib#tors
romotional material
!#stomer servi!e
le,al reE#irements: te!hni!al. safety an$ environmental stan$ar$s



GL6BALISATI6N

D&+,*++ t2"+" M*"+t&'n+.
1. ?hat $o yo# thin( of ,lobalisationA
2. =o yo# thin( it is a re!ent tren$A
2. ?hat ,lobal !omanies !an yo# thin( ofA
4. =o ,lobal !omanies $o more harm than ,oo$A

72"n a ,'(Aany g'"+ g#'0a#, &t tr&"+ t' ,2''+" t2" 0"+t ("t2' t' "nt"r '1"r+"a+ (ark"t+. 9at,2
t2" ("t2'+ 0"#'? t' t2" "4&n&t&'n.

C. fran!hisin, a. a !omany artly or Bholly oBne$ by a arent !omany
2. lo!al artner 0. ,ivin, sy. the e@!l#sive ri,ht to sell ro$#!ts in a !ertain area
3. s#bsi$iary ,. b#yin, an$ ta(in, over another !omany
D. li!ensin, . a ,ro# of !omanies in similar b#sinesses Bor(in, to,ether
E. !onsorti#m ". tBo or more !omanies /oin temorarily to !arry o#t a lar,e
ro/e!t
F. /oint vent#re 4. a erson or a !omany Bho !ooerates Bith a forei,n !omany
Bho Bishes to enter the mar(et
G. a!E#isition g. sellin, the ri,ht to a man#fa!t#rerGs tra$emar(. #s#ally in a
forei,n mar(et
(from >otton-Kalvey-Kent: Var(et Lea$er Fnterme$iate .8.)

J'(A#"t" t2" +"nt"n,"+ *+&ng +'(" '4 t2" ("t2'+ a0'1".
C. >o!a->ola >o. the Borl$Js bi,,est $rin(s ma(er. is see(in, more [[[.oort#nities.
2. Fn 1CCC 3estle 8<% an$ the Hillsb#ry >omany forme$ a [[...!ombinin, 8.<. fro'en $essert
b#sinesses.
3. The %meri!an !arma(er 5eneral Votors has anno#n!e$ it Bill !lose its <Be$ish [[[ <aab after
no b#yer !o#l$ be fo#n$.
D. Herfe!t Hi''a. one of the 8KJs lea$in, i''a $elivery an$ ta(eaBay b#sinesses. rovi$es the
erfe!t i''a [[.. oort#nity for someone Bho Bants to earn a fantasti! in!ome in a rai$ly
,roBin, mar(et.

L&+t"n&ng
?e loo( at the rise of bi, ,lobal bran$s - !omanies Bhi!h see the entire Borl$ as their mar(et an$
Bhose a$vertisin, an$ loo( an$ feel are the same from one !o#ntry to another. Listen to the te@t on
the folloBin, Bebsite:
htt://BBB.bb!.!o.#(/Borl$servi!e/learnin,en,lish/Beb!ast/taeNinsi,htNar!hive.shtml

644+2'r&ng an '*t+'*r,&ng

644+2'r&ng is Bhen a !omany moves art of its a!tivities to another !o#ntry. erhas be!a#se !osts
are loBer or the !an be !loser to its mar(ets. Kor e@amle. a !ar man#fa!t#rer in Zaan mi,ht move a
fa!tory to "ritain. Ft may in!l#$e o#tso#r!in, the a!tivity to a !omany in another !o#ntry.
6*t+'*r,&ng involves emloyin, a $ifferent !omany to $o art of the Bor( yo#r !omany nee$s.
Kor e@amle. instea$ of havin, an a!!o#ntant Bor(in, for yo#r !omany. yo# ay a se!ialise$
a!!o#ntan!y firm to $o the a!!o#nts for yo#.



?hat are the a$vanta,es of offshorin, for
the !omanyA
the re!eivin, !o#ntryA
the !#stomersA
?hat are the $isa$vanta,esA

J'n+&"r t2" 4'##'?&ng)
!osts an$ ri!es fle@ibility emloyment effi!ien!y !#stomer servi!es


T>E E;86<EAN ;NI6N


Fn Vay 2004. the 7#roean 8nion e@an$e$ membershi from 16 to 26 members. The e@ansion of
the 78 has resente$ many roblems an$ !hallen,es to all e@istin, an$ neB members. The
$ifferen!es betBeen the e!onomi! erforman!e an$ $eveloment of the neB states in relation to
the e@istin, states res#lte$ in the imli!ations of neB !#lt#res. neB finan!ial ress#res an$ neB
mar(ets. The e@ansion has le$ to si,nifi!ant benefits to all members of the 78 in terms of e!onomi!
$eveloment b#t the !han,es folloBin, the e@ansion have also !a#se$ some roblems for all
members.

What are the consequences of enlarging the EU?

E,'n'(&, gr'?t2. 7nlar,ement Bill ,enerate e!onomi! ,roBth in both Jol$J an$ JneBJ
member states: in the neB states the reform of e!onomi! systems to a mar(et e!onomy Bill
,enerate in!rease$ ro$#!tivity an$ effi!ien!y an$ alloB them to be able to ta(e a$vanta,e
of the <in,le Var(et thro#,h in!rease$ tra$eP in the ol$ states as tra$e an$ investment
oort#nities in!rease Bith the neB states. 7stimates s#,,est that /ob totals !o#l$ in!rease
in ol$ member states by 200.000.
Sta0&#&ty. Vembershi of the 78 Bill brin, Bith it oliti!al stability to the neB $emo!ra!ies of
7astern 7#roe as they reform their le,al an$ ,overnment instit#tions as art of the
a!!ession ro!ess. <#!h stability is imortant in ,eneratin, investment not only from Bithin
the 78 b#t from o#tsi$e it. th#s !ontrib#tin, to f#rther e!onomi! $eveloment.
G#'0a# <r"+"n,". The 78 has a stron,er ,lobal voi!e. as its enlar,ement has bro#,ht the
o#lation to over 600 million (more than the 8<% an$ R#ssia !ombine$). so ,ivin, more
Bei,ht in international ne,otiations s#!h as tra$e oli!y.
B*+&n"++ J'n4&"n,". >omanies in e@istin, Vember <tates Bill have more !onfi$en!e Bith
those in the neB Vember <tates. as they Bill be oeratin, on a level layin, fiel$ in terms of
78 le,islation. %,ain. b#siness !onfi$en!e is an imortant fa!tor in ,eneratin, investment
an$ en!o#ra,in, enterrise an$ initiative.
@'r"&gn D&r",t In1"+t("nt K@DIL. Vembershi of the 78 an$ the e#ro Bill in!rease the
amo#nt of Korei,n =ire!t Fnvestment in the 3eB Vember <tates.
Str*,t*ra# @*n+. The re,ional ai$ Bhi!h attemts to re$istrib#te f#n$s from the Bealthier
re,ions of the 78 to the oorer ones Bill be ma$e available to the 3eB Vember <tates. This
Bill hel $evelo these !o#ntries an$ imrove infrastr#!t#re. Fmrovements in infrastr#!t#re
Bill a,ain be a benefit to tra$e an$ in theory. all !o#ntries involve$ Bill benefit - the neB
member states from imrove$ internal infrastr#!t#re an$ the ol$ member states from the
e@tra reven#es earne$ from neB tra$e.



Disadvantages

9&grat&'n. 7nlar,ement !o#l$ ro$#!e hi,h levels of mi,ration as Bor(ers move from the
neB member states s#!h as Holan$ Bhere #nemloyment is hi,h at 19.:\ to those ol$
member states Bhere it is loB s#!h as the 3etherlan$s at 2.9\. Ft Bas anti!iate$ that
Bor(ers Bo#l$ be able to move freely as the 78 oerates on the rin!ile of the <in,le
Var(et - one of the Jfo#r free$omsJ inherent in the <in,le Var(et is the free movement of
labo#r. HoBever. the ol$ member states have !reate$ restri!tions on the entry of labo#r into
their !o#ntries for at least the first tBo years of enlar,ement.
J'(('n Agr&,*#t*ra# <'#&,y. The !ontroversial >ommon %,ri!#lt#ral Holi!y Bill be e@ten$e$
to the neB member states. many of Bhi!h have re$ominantly r#ral e!onomies. The >%H
in!l#$es meas#res s#!h as s#bsi$ies an$ in!ome ,#arantee s!hemes for farmers. Bhi!h !o#l$
rove to be h#,ely e@ensive if e@ten$e$ an$ a $rain on the e!onomies of ol$ member
states.
8"g&'na# A&. The $ifferen!e in 5=H er !aita betBeen the ol$ member states an$ the neB
member states is star(. This is also refle!te$ in the ran(in, of ea!h set of !o#ntries in the 83
=eveloment Hro,rammeJs H#man =eveloment Fn$e@ (H=F). Bhi!h !ombines in$i!ators of
life e@e!tan!y. e$#!ation. litera!y an$ 5=H. This $ifferen!e in Bealth an$ stan$ar$ of livin,
!o#l$ be another $rain on ol$ member states in tBo Bays - firstly. ol$ member states may
nee$ to !ontrib#te more as the $eman$ for re,ional ai$ in!reases. an$ se!on$ly. ol$ member
states !#rrently re!eivin, re,ional ai$ s#!h as <ain an$ 5ree!e fin$ their ai$ re$#!e$ as
money is !hannelle$ elseBhere.
E; Stanar+ an Sy+t"(+. There are !on!erns that some 3eB Vember <tates Bill not have
the ne!essary stan$ar$s an$ systems in la!e. e.,. in meetin, stan$ar$s in foo$ hy,iene. an$
re,#lations on a,ri!#lt#ral ro$#!tion. Veetin, environmental stan$ar$s may be too hi,h a
!ost for some. Bhile brin,in, #bli! servi!es # to stan$ar$ Bill mean in!rease$ ta@ation for
many !iti'ens of the 3eB Vember <tates.
T2" L"ga,y '4 t2" S'1&"t E,'n'(y. Fn some of the states of the former <oviet blo!. !ertain
areas of in$#stry may not have ha$ time to !at!h # Bith those of the 78 an$ fin$ they are
for!e$ o#t of b#siness Bhen these !o#ntries /oin the <in,le Var(et.
(Krom: htt://BBB.bi'e$.!o.#(/learn/e!onomi!s/international/e#/notes/e#6.htm)


>*ngary

E*r'A" T2r"at"n+ t' S*+A"n S*0+&&"+ t' >*ngary
By STE<>EN JASTLE an <ALK6 KA8ASZ Kebr#ary 22. 2012

"R8<<7L< ] %lrea$y at o$$s Bith the 7#roean 8nion over the E#ality of its $emo!ra!y. H#n,ary fo#n$
itself fi,htin, on a se!on$ front on ?e$nes$ay Bhen it Bas threatene$ Bith the s#sension of W969
million in 7#roean 8nion s#bsi$ies over the state of its #bli! finan!es.
"#$aest an$ "r#ssels insiste$ that the tBo iss#es Bere not lin(e$. b#t the !onfli!t a,ain its H#n,aryGs
rime minister. Ii(tor -rban. a,ainst the e@e!#tive arm of the 7#roean 8nion. Bhi!h is resonsible for
#hol$in, the blo!Gs r#les.
Hrevio#s !lashes have o!!#rre$ over !laims that Vr. -rban Bas #shin, thro#,h meas#res that threatene$
the in$een$en!e of the neBs me$ia or the national !entral ban( an$ that !o#l$ ero$e l#ralism in
H#n,ary. "#t the neB $is#te is more te!hni!al. relatin, to ersistent brea!hes of $efi!it r#les.
<ea(in, in "r#ssels. -lli Rehn. the 7#roean !ommissioner for e!onomi! an$ monetary affairs. roose$
the s#sension of the money. Bhi!h is inten$e$ for H#n,aryGs oorer re,ions. #nless the !o#ntry too(
a!tion to loBer its $efi!it.
8n$er the blo!Gs e!onomi! r#le boo(. member nations m#st (ee their $efi!its beloB 2 er!ent of ,ross
$omesti! ro$#!t. an$ the r#les have been ti,htene$ sin!e the finan!ial !risis.
The anno#n!ement on ?e$nes$ay aeare$ to ill#strate the 7#roean >ommissionGs neB $etermination
to fle@ its m#s!les.
^This $e!ision to$ay is to be re,ar$e$ as an in!entive to !orre!t a $eviation. not as a #nishment._ Vr.
Rehn sai$.
The enalty Bo#l$ not ta(e effe!t #ntil Zan#ary. ,ivin, H#n,ary time to avert it. "#t if it fails to $o so. the
money !o#l$ be lost for the H#n,arians. That Bo#l$ be an #nre!e$ente$ ste. arti!#larly sin!e H#n,ary
is not in the e#ro 'one an$ be!a#se all b#t a feB 7#roean 8nion nations are also above the 2 er!ent
!eilin,.
Tho#,h the H#n,arian ,overnment has re$#!e$ its $efi!it. the 7#roean >ommission ar,#es that the
$e!rease has been a!hieve$ thro#,h temorary meas#res.
Fn 2011. H#n,ary Bas te!hni!ally beloB the 2 er!ent !eilin,. b#t only be!a#se of one-time initiatives
Borth abo#t 10 er!ent of ,ross $omesti! ro$#!t. mas(in, a severe $eterioration in the #n$erlyin,
str#!t#ral balan!e. the !ommission says.
Heter <'i//arto. the rime ministerGs so(esman. an$ %n$ras 5iro-<'as'. a ,overnment so(esman. sai$
?e$nes$ay in a statement that the $e!ision by the 7#roean >ommission Bas ^#nfo#n$e$_ an$ ^#nfair._
The statement emhasi'e$ that H#n,aryGs ,overnment $efi!it Bas #n$er 2 er!ent of 5.=.H. last year an$
Bo#l$ be #n$er 2 er!ent this year as Bell.
The 7#roean >ommission estimate for 2012 is 2.26 er!ent of 5.=.H.. b#t a set of ^neB meas#res_ Bo#l$
$e!rease that fi,#re by 0.4 er!ent.
The threat to Bithhol$ !ash !omes at a time Bhen H#n,ary is loo(in, for finan!ial assistan!e from the
7#roean 8nion an$ the Fnternational Vonetary K#n$ that has been hel$ # in art be!a#se of Borries
that Vr. -rbanGs ,overnment is #n$erminin, the in$een$en!e of H#n,aryGs national !entral ban(.
The 7#roean >ommission has ta(en the first le,al stes a,ainst the H#n,arian ,overnment over laBs
!on!ernin, its $ata-rote!tion a#thority. an$ over the retirement a,e for /#$,es.

Stephen Castle reported from Brussels, and Palko Karasz from Budapest, Hungary.
(htt://BBB.nytimes.!om/2012/02/22/Borl$/e#roe/e#-threatens-to-s#sen$-s#bsi$ies-to-
h#n,ary.htmlANrM1`refMh#n,ary)



>*ngar&an St*"nt+ D",ry Stat" SA'n+'r+2&A J*t+ an 6t2"r J2ang"+
By <ALK6 KA8ASZ Var!h 4. 2012

"8=%H7<T ] 8niversity st#$ents an$ a$ministrators are !omlainin, of a !limate of #n!ertainty as the
,overnment rolls o#t !han,es in the hi,her e$#!ation system. in!l#$in, shar !#ts in the n#mber of state-
sonsore$ st#$ents an$ an obli,ation for them to Bor( in H#n,ary after ,ra$#ation.
7$#!ation Vinister Ro'sa Hoffmann travele$ to "r#ssels last Bee( to $is!#ss the !han,es. Bhi!h have
raise$ !on!erns in the 7#roean >ommission. the 7#roean 8nionGs e@e!#tive bo$y.
^The e$#!ation an$ hi,her e$#!ation reforms inten$ to serve mo$erni'ation an$ eE#al a!!ess to st#$ies
an$ !#lt#re Bhile the !o#ntry has to fi,ht a heavy $ebt b#r$en._ Vs. Hoffmann sai$ after meetin, Bith the
7.8. e$#!ation !ommissioner. %n$ro#lla Iassilio#. the VTF neBs servi!e reorte$.
"#t Vs. Iassilio# sai$ the neB laBs. Bhi!h Bent into effe!t Zan. 1. mi,ht not alloB H#n,ary to rea!h the
7#roe 2020 e$#!ation tar,ets. The tar,ets in!l#$e loBerin, the $roo#t rate to #n$er 10 er!ent an$
in!reasin, the E#alifi!ations for $e,rees in H#n,ary to 20 er!ent. sai$ the !ommissionerGs ress servi!e.
The minister sai$ H#n,ary Bante$ to ^revent the aearan!e of not Billin, to !omly Bith obli,ations it
too( on._
H#n,ary be,an the overha#l Bith the aim of ma(in, #niversities more effe!tive an$ $e,rees more
!ometitive. ?hen the laBs Bent thro#,h Harliament last =e!ember. oonents ar,#e$ that the
meas#res Bere ta(en hastily an$ Bitho#t roer #bli! !ons#ltation.
Fn Zan#ary. the ,overnment !#t entry-level la!es ,ettin, f#ll state sonsorshi to /#st over 22.000 from
more than 62.000 in 2011. % s#bseE#ent $e!ree reE#ire$ those benefitin, from state sonsorshi to Bor(
in H#n,ary for tBi!e the n#mber of years they sent at #niversity.
Hrime Vinister Ii(tor -rban sai$ in Kebr#ary that hi,her e$#!ation nee$e$ reform be!a#se ^tho#san$s of
,ra$#ates every year tho#,ht their $e,rees Bere of ,reat val#e. b#t it t#rne$ o#t not to be the !ase._
^Those Bho st#$y on ta@ayersG money sho#l$ a!!et to stay Bor(in, at home for a Bhile._ he sai$.
>#ts in the n#mber of state-finan!e$ la!es Bill affe!t !ertain areas more heavily than others. -nly 6.1
er!ent of last yearGs sots Bill be available for those startin, e!onomi! st#$ies.
asolt Rostovanyi. the re!tor of >orvin#s 8niversity of "#$aest. Bhi!h se!iali'es in e!onomi!s. sai$. ^The
!#ts Bere $rasti!. an$ they !ame $oBn har$ on o#r #niversity. an$ !ertainly on the st#$ents rearin, for
these !areers._
?hile Vr. Rostovanyi raise$ the ,overnmentGs intention to imrove the system. he sai$ imortant
meas#res Bere ta(en by $e!ree. Bitho#t !ons#ltation. Bhi!h left st#$ents #ns#re Bhether they Bo#l$ ,et
state money. His #niversity Bas tryin, to #t in la!e alternative Bays of finan!in,. Vr. Rostovanyi sai$.
b#t it Bas har$ to lan ahea$ Bith $e!rees still en$in,.
^?e !anGt foresee Bhat the ,overnment is ,oin, to $o ne@t._ he sai$. ^?e $onGt see a !oherent strate,y._
He sai$ #niversity fees Bo#l$ not be so !ontroversial if there Bere other st#$ent ai$. <t#$ents Bho Bo#l$
no lon,er be sonsore$ Bo#l$ ta(e state-finan!e$ st#$ent loans that Bo#l$ leave them Bith s#bstantial
$ebt. he a$$e$.
%nn#al t#ition for an e!onomi!s #n$er,ra$#ate this year Bill be abo#t 660.000 forint. or abo#t W2.600.
ro#,hly tBo an$ a half monthsG Ba,es for the avera,e earner.
%n$rea Kobor. 22. is a masterGs st#$ent in international e!onomi!s at >orvin#s an$ one of the fo#n$in,
members of Hall,atoi Halo'at. or <t#$ent 3etBor(. They starte$ the movement last Vay. she sai$. ^Bhen
Be saB that the reform Bas bein, rolle$ o#t la!(in, so!ial !ons#ltation an$ transaren!y._
Vs. Kobor. Bho sent a semester st#$yin, in Kran!e. sai$ her e@erien!e there Bas ^in!omarable_ to her
H#n,arian !o#rse. <he hi,hli,hte$ $oin, resear!h. $ebatin, an$ loo(in, for sol#tions in$een$ently. ^This
is !omletely la!(in, from H#n,arian e$#!ation an$ shoBs in o#r oliti!al !#lt#re as Bell._ she sai$.
^Heole are shy to e@ress their oinions. to stan$ # for themselves._
^The bi,,est aeal of H#n,arian #niversities #se$ to be E#asi-free e$#!ation. ro@imity to home an$
Bi$er a!!essibility._ Vs. Kobor sai$. Ff st#$ents are no lon,er sonsore$ by the state an$ have to ay
t#ition. ^a rationally thin(in, st#$ent Bill rather ,o Bith ?estern 7#roean s!hools._ she sai$.
H#n,ary is not the only !o#ntry in the 7#roean 8nion str#,,lin, to imrove an ol$ e$#!ation system that
relies heavily on state finan!in,. The 7#roean <t#$entsG 8nion sai$ several 7.8. members. li(e 7stonia an$
Valta. Bere loo(in, at Bays to sloB the $eart#re of ,ra$#ates from their !o#ntries. Bhile others lanne$
to limit a!!ess to state s!holarshis.
^H#n,ary is. hoBever. the first 7.8. !o#ntry Bith s#!h a stron, an$ visible restri!tion for state f#n$e$
st#$ents._ sai$ %llan Hall. !hairman of the 7#roean <t#$entsG 8nion.
To Vr. Hall. the neB laB intro$#!es an ^#n/#stifiable restri!tion of free$om of movement for Bor(ers an$
is a violation of %rti!le 46_ of the Treaty on the K#n!tionin, of the 7#roean 8nion. for Bhi!h the st#$entsG
#nion has reE#este$ a 7#roean >ommission investi,ation.
%li!ations for H#n,arian #niversities !lose$ in late Kebr#ary. Bith a first estimate of :0.000 ali!ants.
offi!ials sai$. They Bill be ro!esse$ to,ether Bith final e@am res#lts this srin,.
5er,o "irtalan. 1:. from Ke!s(emet. in so#thern H#n,ary. alie$ to st#$y laB in "#$aest. a s#b/e!t also
heavily affe!te$ by !#ts. ^Ft Bas an aBf#l s#rrise to learn abo#t the !#ts. /#st a month an$ a half before
ali!ation $ea$lines._ he sai$.
8ns#re if he is ,oin, to ma(e it into the state-finan!e$ E#otas. he is noB !onsi$erin, last-min#te otions.
in!l#$in, ,oin, abroa$. ^F see E#ite a $ire f#t#re._ he sai$. ^F !anGt lan anythin, ahea$._
-thers. meanBhile. see a bri,hter f#t#re abroa$. Has'on (Hrofit). a b#siness Bee(ly./#st feat#re$ a self-
ass#re$ yo#n, man on the front a,e. ^=e,reeA Kor freeD_ rea$ the hea$line. referrin, to la!es li(e
nei,hborin, %#stria that Bel!ome H#n,arian st#$ents. t#ition free. ^There is still time to aly T !areer
an$ livin, in five fashionable !o#ntries._
(htt://BBB.nytimes.!om/2012/02/06/Borl$/e#roe/h#n,arian-st#$ents-$e!ry-state-sonsorshi-
!#ts.htmlArefMe#roe)


Ag"&ng A'A*#at&'n
>'? t' <ay 4'r <"n+&'n+
Pulished: !ar"h #, #$%# E&'()*'+,

<tate an$ lo!al ,overnments everyBhere are in sti!(er sho!( over the risin, !ost of #bli!-emloyee
ensions an$ s!ramblin, to mana,e those obli,ations. 3eB Yor( <tate has ta(en a reasonable aroa!h
that alloBs #bli! emloyers to ay a ortion of their yearly !ontrib#tions to 3eB Yor(Gs W140 billion
#bli! ension f#n$ an$ to ay the remain$er in installments. Bith interest. over a $e!a$e.
>riti!s say this ro,ram is a borroBin, slei,ht-of-han$ that only ostones the roblem. ?e Bere also
s(eti!al Bhen the i$ea Bas first raise$. "#t the state !omtroller. Thomas =i3aoli. has ers#asively
ar,#e$ that the ro,ram is transarent an$ hels smooth o#t ayments in to#,h times. Bitho#t #n$#e
ris( to the f#n$.
-f !o#rse. this fi@ $eals only Bith the near-term roblem. <olvin, the lon,er-term ension roblem still
$een$s on broa$ reforms. as 5ov. %n$reB >#omo has roose$. an$ b#il$in, # ension reserves in
times of rob#st investment ret#rns.
The state f#n$ is finan!e$ thro#,h !ontrib#tions from #bli! emloyers an$ emloyees an$ from
investment earnin,s. Re!ently. ann#al emloyer !ontrib#tions soare$. mainly to ma(e # for h#,e
investment losses from the finan!ial melt$oBn. -f !o#rse. Bhen investment ,ains Bere hi,h an$
emloyer !ontrib#tions Bere loB. no one !omlaine$ abo#t ensions.
%lbany oliti!ians an$ #bli! emloyers a$$e$ ension sBeeteners. %n$ instea$ of #sin, the ,oo$ years to
b#il$ reserves for lean times. as alloBe$ by a laB asse$ in 2004. some emloyers #se$ money that !o#l$
have ,one to ension !ontrib#tions for ta@ !#ts an$ other sen$in,. Kor lon,-term relief. 5overnor
>#omoGs sensible reform roosal Bill hel. Ft Bo#l$ in!rease the ension !ontrib#tion an$ retirement a,e
for neB emloyees. Bhile re$#!in, their #ltimate ayo#ts to 60 er!ent of ay after 20 years of servi!e.
from 90 er!ent !#rrently. His lan Bo#l$ also bolster anti-ab#se rovisions in the laB to revent
emloyees from loa$in, # on overtime in their final Bor(in, years to inflate their ayo#ts.
Fn the near term. 3eB Yor(Gs me!hanism to re$#!e emloyer ayments is better than the alternatives.
<ome states. for instan!e. have $eferre$ ma(in, !ontrib#tions. Bhi!h $erives ension f#n$s of !onsistent
ayments. -thers have #se$ rosy ass#mtions abo#t f#t#re !osts an$ ret#rns to (ee !ontrib#tions
#nrealisti!ally loB.
3eB Yor(Gs relief lan avoi$s those itfalls. %s an a$$e$ rote!tion. it Bill #se ayments by emloyers that
arti!iate in the ro,ram to !reate a reserve f#n$ to !#shion the ima!t of !ontrib#tion in!reases in the
f#t#re. Fn the meantime. Vr. =i3aoli m#st monitor the ro,ram !aref#lly for si,ns of strain in the system.
arti!#larly if emloyers fail to ma(e timely ayments.
<o far. the state ,overnment an$ some 196 other #bli! emloyers have ote$ for the relief ro,ram. o#t
of ro#,hly 2.000 emloyers in the ension system. -bvio#sly. it Bo#l$ be referable if they all ma$e f#ll
!ontrib#tions to$ay. "#t this lan. !o#le$ Bith ension reforms an$ me!hanisms li(e reserve f#n$s !an
hel #bli! emloyers ,et thro#,h the !#rrent b#$,et !r#n!h.

htt://BBB.nytimes.!om/2012/02/02/oinion/hoB-to-ay-
forensions.htmlArefMensionsan$retirementlans

A<<ENDI5)

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- 'n the light of the ao1e findings /e ha1e rea"hed the follo/ing "on"lusions.
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8",'(("nat&'n+)
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- 0e strongly re"ommend that .
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- (he next stage is .
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