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The RMB internationalization strategy is one of the major financial climate changes for both Chinese domestic and foreign financial transactions in the aftermath of the global financial crisis. The paper examines to what extent the RMB is used internationally and outlines the step-by-step approach to the RMB internationalization from the policy point of view. It emphasizes the important steps of the RMB strategy, including the RMB in trade settlement, bilateral currency swaps, regional coverage and offshore market development. It also focuses on the debate of the sequencing issue and the argument of “committed device”. Most recently, the Chinese government has reaffirmed its decision of financial opening and domestic financial reform and has laid out a timetable committing to make the RMB fully convertible by 2020. The paper considers such forward-looking policy steps, along with the new development of the so-called shadow banking, market-driven interest rate liberalization, and free float of exchange rate, to be the major elements for a great change of the Chinese financial sector in the years to come.

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The research conducted for this study has shown that Real Estate Investment Trusts (REITs) own a substantial volume of hotel facilities all over the world. The funds whose shares are traded on the New York Stock Exchange (NYSE) own a total of 1,144 hotels with more than 270,000 rooms. A further portfolio analysis of these funds and the hotel brands under which they operate reveals their strong linkages to world’s largest hotel corporations. 84% of hotels owned by these REITs operate under the brand names of ten largest hotel corporations. Considering their contribution to the development of hotel capacity, it is important to assess the conditions for their development in Serbia. The current legislation in Serbia allows the establishment and operation of closed-end investment funds, but it does not allow comparable benefits to those provided in the majority of countries where REITs exist. This is primarily related to taxation. Potential investors also face the problem of inadequate liquidity in the domestic capital market which is registering a significant drop in trade. In the current global economic environment, it is unrealistic to expect the development of the REIT market in Serbia. Provided the potential regional integration of capital markets as well as the required legislative changes, for the long term it would be possible to expect the emergence and development of a regional REIT market. A part of the capital collected through REITs could be invested in hotels, and contribute to the improvement of the hospitality sector in Serbia.

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In 2011, the European Union adopted the EU Strategy for the Danube Region (EUSDR) (European Commission, 2010) in the hope that this would enable improvements to the economic and social situation in the Danube Region. This article takes as its topic the question why the EU has recourse to the method of macro-regional strategies at all, and what differentiates the Danube Region Strategy from the EU Strategy for the Baltic Sea Region (EUSBSR), which is supposed to be a blueprint for further macro-regional strategy approaches. In addition, the question is addressed as to whether the Danube Region Strategy is able to function, and, if this is the case, whether it does so. In conclusion, there are reflections on whether this strategic approach may be a contribution towards further development of the European Union.

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The paper analyses theoretical grounds, legal framework and the implementation of the balanced budget rule in the European Union. We start from the hypothesis that the present preference for stricter implementation of the theory of budget stabilization is primarily a function of preserving the stability of the European Single Currency. The aim of this paper has been to interrogate the new fiscal governance framework aimed at enabling the European Union to strengthen the surveillance over public finances of the Member States. Two key characteristics of this new framework are as follows: introduction of quantitative indicators for financial position of each Member State and transfer of fiscal sovereignty from national to supra national level. We are also analyzing the fiscal position of Serbia as well as the ratio between its indicators and reference values anticipated by the Maastricht convergence criteria.

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This paper presents an interdisciplinary (primarily in the context of sociology and political sciences, from a theological perspective) attempt to define the current status and phases of modern religiosity in Serbia in the context of the need to examine its ‘strategic’ potential in the process of European integration. The authors believe that the ‘strategic’ potential of religious subjects is primarily reflected in the promotion of ethical (moral) principles and factors, but also in the efforts made towards bridging the gap between the seemingly irreconcilable notions – religiosity and secularism, that is religiosity, nationality and integration. Therefore, religious contents and representatives should, indeed, be included in the processes of strategic and political decision-making in advisory and critical-corrective terms.