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The literature devoted to the EU often points out its hybrid side, which is in the process of constant transformation. The process is comprehensive, in the economic, political, military and safety domain. This complex task is not timed, because it is considered a process and not a one-time act. The original idea that social changes have evolutive development and need time to become quality changes is not abandoned. Although today's EU environment is drastically changed compared to the late fifties of the last century, the main reasons for a country to join the EU have remained virtually the same. All of these reasons basically refer to the same aspirations of potential candidate countries for membership: economic, political, safety, cultural and others. Possession of an appropriate macroeconomic model and relatively useful statistical data is a conditio sine qua non of a successful analysis of the benefit and the cost of joining the EU. Key words: accession process, EU, accession effects, Cecchini report, empirical models of accession.

The type and amount of information needed by top management of large companies is primarily determined by the role of individual managers. Thus, managers at the top of the hierarchy in complex enterprises need information that is different from the information managers of individual divisions or strategic business units. Starting from these requirements, strategic management accounting has developed a number of ways to provide information aimed at shaping corporate strategy. In this regard, the paper will be discussed various aspects of performance measurement in multinational companies, as well as the tasks to strategic management accounting should meet within them. Bearing this in mind, the main objective of this paper consists in analyzing the importance of strategic management accounting is to successfully manage the performance of multinational companies. Adequate application of theoretical concepts and research methods chosen, the work is expected to extending domestic literatures in this field meet our economic releases to the role of strategic management accounting in the measurement and control of the performance of multinational companies.

The permanent existence of inflation in Serbia adversely affects achievement of macroeconomic stability. Its effects are reflected in a decrease in the real exchange rate, low price competitiveness of exports and deterioration in the balance of payments. The real exchange rate is an instrument which shows that in conditions of faster growth rate in a country than abroad, the domestic economy can't be competitive in the international market. Implementation of appropriate exchange rate regime inevitably leads to problems of exchange rate changes on import prices and inflation. The research aims to demonstrate the interdependence of inflation and depreciation, and the fact that the general price level increase is a main factor that hinders the realization of the positive effects of the national currency depreciation. Unstable monetary situation in the country undermines the goal of stimulating exports through an increase in the nominal exchange rate and by reducing export prices in foreign currency. Export becomes uncompetitive, while the depreciation of the national currency is quickly spread to inflation through the exchange rate pass-through.

Abstract
The balance of payments deficit is the problem faced by numerous countries. To solve the problem of the balance of payment deficit, the creators of economic policy try to stimulate the sectors that secure the largest inflow of foreign currencies and have a beneficial impact on the reduction of deficit. The international trade in informational, computer and telecommunication services records enormously high growth rates in the 21st century. The specificity of ICT sector opens a perspective even to less developed economies to take part more significantly in the exports, which hold a large percentage of a value-added. The goal of this paper is to determine the significance of ICT services for the balance of trade and the current account adjustment, as well as the contribution to generating the surplus of the total balance of services. In the case of the Republic of Serbia, the surplus of ICT sector covers almost one-fifth of the balance of trade deficit, almost one-third of the current account deficit, while every fourth dollar achieved by the services' exports is achieved by the exports of ICT services. If the same trend of ICT sector's growth continues, the predictions say that the surplus of this sector will be enlarged by almost 60% till the year of 2024, when compared to the level in 2020. Finally, potentially the most significant advantage, which ICT sector brings with itself, is the reduced brain drain, which is the most destructive consequence brought to the less developed countries by the liberalization of workforce's movement.

Foreign direct investments are an integral part of open and effective international economic system, and they are the main catalyst for development. However, the benefits of a foreign direct investment are not the same in all local communities, sectors and countries. International investments and national policy are aimed at foreign direct investment and reap benefits of investment development. The challenges are primarily related to the host countries, and the establishment of an efficient and transparent policy to attract investment, and that must be paid to building human and institutional capacity for their implementation. Compared to the existing literature, which focuses mainly on the effects of political risk or corruption on FDI, our contribution is reflected in testing a wider range of institutional variables and their impact on undertaking investment projects by foreign investors. The analysis included 5 countries of the Western Balkans in the period of 22 years starting from 1998 until 2019. In the analysis of empirical data, we used the fixed effect model (FEM) for evaluating FDI. Also, the quality of the research is promoted using balanced panel data.

Abstract
The paper analyses one of the most important economic issues relevant to most countries. The issue involves how to as painless as possible overcome the problems of high budget deficits and excessive accumulated public debt. Argentina and Serbia are used as an example. Argentina implemented rigorous saving measures in 2002 and Serbia began to implement restrictive budgetary measures in 2014. The effects of such a policy can be designed for the future. Results indicate that the key to Argentina's success lies in the transition to a floating exchange rate and the high level of correlation between the growth of the foreign exchange rate and growth in exports. When comparing strict fiscal policy in Argentina and Serbia, it should be emphasised that the measures in Serbia are far less stringent than those that were established in Argentina. But it also means that the effect of reducing budget expenditures should have less of an impact on GDP reduction than in the case of Argentina.

For all the economies in the global world the question of trade is becoming more important by the day. But the possibility to export on the global market meets many impediments in the form of non-tariff barriers, rather than tariff these days. CEFTA 2006 regional trade integration is not an exception with more than 100 NTBs introduced during its existence. Our research found that Serbia and Albania are CEFTA 2006 signatories with the most NTBs introduced in the observed period. CEFTA has a very efficient institutional mechanism, Subcommittee on Technical Barriers to Trade (TBT) and Non-Tariff Barriers (NTBs), for the removal of NTBs between signatories. We have researched three case studies of bilateral NTBs in Serbia's intra-CEFTA 2006 which demonstrate that our trade partner uses policy oriented NTBs. The removal of NTBs at the global, as well as regional levels is crucial for the development of trade flows after the world economic crisis.