THE EUROPEAN BUSINESS MARKET PAST PRESENT AND FUTURE

European business market as we know it in the XXI century has a history of about 1200 years. This market driven by sea trade, by the spirit of competition that developed required technological development and by the industrial revolution, has issued a culture of its own, embodied in our today science, presented by school and researchers. Business market in Europe has been built over time by the existing economic entities, by private producers and traders and then by large multinational corporations. Originally formed in isolated markets, was coagulated by trade, buying and selling instruments becoming the means of communication of all actors in the market. The future of Europe is the EU single market as we call it today. It is understandable that a market that functions as a whole, as a well-defined mechanism is not an easy thing to build, especially since its segments were built separately, with a very different business culture coming from each European Union’s member state. For the future business market in Europe an important role in globalization process is the one of the international financial reporting standards. These standards are the one that support the existence of consistent and comparable information about enterprises, generally accepted and understood information by all consumers, be all investors, creditors, tax bodies, managers or just employees.