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Entrepreneurial Economy” Faculty for International Economics, Finance and Business UDG University Postgraduate Studies “Entrepreneurial Economy” Faculty for International Economics, Finance and Business UDG University Entrepreneurial Economy Podgorica, September 2011 "Entrepreneurial Economy" Volume XVII “Entrepreneurial economy” Volume XVII Editor in Chief: Veselin Vukotic, PhD Editorial Board: Mladjan Sljivancanin, PhD; Danilo Sukovic, PhD; Miroslav Prokopijevic, PhD; Maja Drakic, PhD; Milica Vukotic, PhD; Igor Luksic, PhD Board of Referees: Mladjan Sljivancanin, PhD; Danilo Sukovic, PhD; Miroslav Prokopijevic, PhD; Stojan Dabic, PhD, Petar Ivanovic, PhD; Maja Bacovic, PhD; Zoran Djikanovic, PhD; Dusko Bjelica, PhD; Milorad Katnic, PhD; Zvezdan Vukanovic, PhD; Vlado Kavaric, PhD; Jadranka Kaludjerovic, PhD; Nina Vujosevic, PhD, Dragana Radevic PhD; Ivana Stesevic, MSci; Jelena Boljevic, MSci; Nikola Perovic, MSci Publisher: Postgraduate Studies Entrepreneurial Economy, Faculty for International Economics, Finance and Business, University Donja Gorica – UDG Technical Editor: Dragan Knezevic Cover design: Nebojša Klacar, studio »Arhangel«, Belgrade Director of Postgraduate Studies: Professor Veselin Vukotic (Podgorica) President of the Council of Postgraduate Studies: professor Steve Pejovich, Texas, USA Address: Donja Gorica bb, Podgorica, 81000, Crna Gora Phone: +382 (0)20 410 777 Fax: +382 (0)20 410 766 e-mail: [email protected] web: www.udg.edu.me ISSN 1451-6659 Printed: 500 copies Printed by: Montcarton, Podgorica "Entrepreneurial Economy" Volume XVII Introductory remarks The first volume of economic journal „Entrepreneurial Economy“ strated to be published in 2002. Sixteen volumes, some of which had several issues, has been published until now. This is the volume XVII. The journal is published by the Foundation „Entrepreneurial Economy“ of the Postgraduate studies „Entrepreneurial Economy“ at the Faculty for International Economics, Finance and Business, University UDG, Montenegro. Most of the papers in this volume deal with some aspects of the Balkan integrations. Besides, this Volume contains several reviews of relevant authors and books. All papers are written in English which is broadening the market of potential readers of this economic journal. Editor in Chief Professor Veselin Vukotic 3 Authors 1. Maja Bacovic, PhD, Faculty of Economics, University of Montenegro; holds a Doctorate from Postgraduate Studies “Entrepreneurial Economy” (fourth generation); 2. Branko Boskovic, MSci, University UDG; Teaching assistant at the Postgraduate Studies “Entrepreneurial Economy”; 3. Tanja Boskovic, MSci, GIZ Open Regional Fund Foreign Trade Promotion, holds a Master’s Degree from Postgraduate Studies “Entrepreneurial Economy” (seventh generation); 4. Andrej Bracanovic, Faculty of Law, University UDG; Teaching assistant at the Postgraduate Studies “Entrepreneurial Economy”; 5. Milica Dakovic Tadic, MSci, Faculty for International Economics, Finance and Business, University UDG; Teaching assistant at Postgraduate Studies “Entrepreneurial Economy”; 6. Zoran Djikanovic, PhD, Security and Exchange Commission of Montenegro; holds a Doctorate from Postgraduate Studies “Entrepreneurial Economy” (second generation); 7. Maja Drakic, PhD, Faculty for International Economics, Finance and Business, University UDG; holds a Doctorate from Postgraduate Studies “Entrepreneurial Economy” (sixth generation); 8. Nina Drakic, MSci, Chamber of Economy of Montenegro, holds a Master’s Degree from Postgraduate Studies “Entrepreneurial Economy”(seventh generation); 9. Jadranka Glomazic, University UDG; holds a Master’s Degree from Postgraduate Studies “Entrepreneurial Economy” (seventh generation); 10. Vojin Golubovic, Institute for Strategic Studies and Prognoses; Teaching assistant and student of Postgraduate Studies “Entrepreneurial Economy” (ninth generation); 11. Steve Henke, PhD, The Johns Hopkins University; CATO Institute, Washinton DC, USA; Professor of Postgraduate Studies “Entrepreneurial Economy”; 12. Petar Ivanovic, PhD, Montenegrin Investment Promotion Agency; holds a Doctorate from Postgraduate Studies “Entrepreneurial Economy”; 13. Neda Ivovic, PhD, Faculty for International Economics, Finance and Business, University UDG; Assistant Professor at Postgraduate Studies “Entrepreneurial Economy”; 14. Ivan Jovetic, MSci, Institute for Strategic Studies and Prognoses; holds a Master’s Degree from Postgraduate Studies “Entrepreneurial Economy” (eighth generation); In alphabetical order (by last name) 4 "Entrepreneurial Economy" Volume XVII 15. Katnic Milorad Katnic, PhD, Ministry of Finance, Government of Montenegro, holds a Doctorate from Postgraduate Studies “Entrepreneurial Economy”(fifth generation); 16. Milika Mirkovic, Institute for Strategic Studies and Prognoses; Teaching assistant and student of ninth generation of Postgraduate Studies “Entrepreneurial Economy” (ninth generation); 17. Slavica Nikolic, MSci, The Center for Entrepreneurship and Economic Development; Holds a Master’s Degree from Postgraduate Studies “Entrepreneurial Economy” (eighth generation); 18. Marija Orlandic, Faculty for International Economics, Finance and Business, University UDG; Teaching assistant and student of Postgraduate Studies “Entrepreneurial Economy” (ninth generation); 19. Dragana Radevic, PhD, The Center for Entrepreneurship and Economic Development (CEED); holds a Doctorate from Postgraduate Studies “Entrepreneurial Economy” (fifth generation); 20. Ivana Stesevic, MSci, Faculty for International Economics, Finance and Business, University UDG; holds a Master’s Degree from Postgraduate Studies “Entrepreneurial Economy”; 21. Sandra Tinaj, MSci, University UDG; Holds a Master’s Degree from Postgraduate Studies “Entrepreneurial Economy” (eighth generation); 22. Ivana Vojinovic, MSci, Ministry for Sustainable Development and Tourism, Governement of Montenegro; holds a Master’s Degree from Postgraduate Studies “Entrepreneurial Economy” (seventh generation); 23. Nina Vujosevic, PhD, Ministry of Economy, Government of Montenegro; holds a Doctorate from Postgraduate Studies “Entrepreneurial Economy”(fifth generation); 24. Milica Vukotic, PhD, Faculty for Information Systems and Technologies, University UDG; holds a Doctorate from Postgraduate Studies “Entrepreneurial Economy”; 25. Veselin Vukotic, PhD, University UDG; Institute for Strategic Studies and Prognoses; Institute of Social Sciences, Belgrade; The Founder, Director and Professor of Postgraduate Studies “Entrepreneurial Economy” 5 "Entrepreneurial Economy" Volume XVII Contents: 1. Veselin Vukotić, Risk of future ................................................................................ 8 2. Steve Henke, Monetary Misjudgments and Malfeasance ...................................... 24 3, Milorad Katnić, Debt Crisis – Challenges of the Euro zone and the Western Balkans ....................................................................................................................... 35 4. Maja Baćović, Economic growth in the Balkans: caused by an increase in efficiency and/or membership in the EU? ................................................................. 47 5. Milica Vukotić, Balkans and European Union: Regulation of Telecommunications market with Emphasis on Analysis of Relevant Markets in Montenegro) ................ 61 6. Maja Drakić, Ivana Stešević, High education in Balkan countries in the process of European integration .................................................................................................. 68 7. Zoran Đikanović, Associate Professor, The development of investment funds' industry in Montenegro in the context of accession to EU ........................................ 83 8. Dragana Radević, Locked Human Capital: Long-term Unemployment in Montenegro ................................................................................................................ 95 9. Neda Ivović, EU as new factor in market regulation and cost and benefits of judicial intervention in the capital market in Montenegro ....................................... 107 10. Nina Vujošević, Demographic Dimensions of Regional Policy ........................ 120 11. Branko Bošković, Balkan and European Welfare State: Opportunities and Outcomes ................................................................................................................. 130 12. Ivan Jovetić, Balkan and European Union – The Second Journey .................... 141 13. Tanja Bošković, The European Union as determinant of economic cooperation in the Balkans ............................................................................................................... 159 6 "Entrepreneurial Economy" Volume XVII 14. Nina Drakić, The Common Agricultural Policy of the EU as Determinant of Montenegrin Agriculture ......................................................................................... 169 15. Ivana Vojinović, Approximation of Environmental Acquis: challenges faced by Montenegro as ecological state ................................................................................ 180 16. Slavica Nikolić, Joining the EU: Ecological Potential of (Un) Limited Growth .................................................................................................................................. 193 17. Jadranka Glomazić, Harmonization of financial statements in the European Union – importance for the integration of the Balkan……………………………208 18. Milica Daković-Tadić, The auditing profession, ethics and standards in the function of global development ..............................................................................
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