Based on panoramic view of the EMU fiscal fragmentation, it is shown that the divergence of the euro area could not be caused by inadequate principles of the Monetary Union. Prior to common currency transition the problem of fiscal fragmentation was disguised in a more stable global environment and confidence for the future policy of the ECB. The debt crisis in the EMU brought the problem of fragmentation out of the latent state, showing a clear division between the countries that have kept on competitiveness and whose economic growth has positive expectations, and the rest ones, which are characterized by the fact that their financial imbalances have been combined with the loss of competitiveness. Speculation against structural inflexibility tightened fiscal fragmentation. Fiscal rather than monetary reasons for the EMU divergence lie in a combination of incentives to reduce distortion of national debt reduction in the environment of global liquidity expansion and the institutional weakness of fiscal rules model of Stability and Growth Pact. Fiscal fragmentation has the signs of saving for a long time, threatening to enhance sensitivity of the EMU macro-financial stability to the economy policies of individual countries. Fiscal fragmentation of the euro area is incompatible with the prospects of common currency as a reserve one.

Key words:
Euro-zone, national debt, debt crisis, fiscal fragmentation, fiscal rules.

The purpose of this research is to develop methodologies for the study of globalization of business in general and its separate aspects related to strategic marketing decisions on foreign markets and information and communication globalization of domestic business. Subject of research are theoretical foundations, methodological and applied issues of system development activities of the marketing mix as a tool for the revitalization of Ukrainian enterprises in international business. The object of research is the process of formation and development of marketing activities and business entities on the global commodity markets.

Key words:
International marketing, global markets, macroeconomic processes, mar-keting management, sales, marketing research at the micro level, enterprises, economic development strategy.

The article determines major trends in the development of tourism in the modern global economy and its significance for the economies of individual countries. The author considers major approaches to defining terrorism in terms of political risk, as well as its types, sources and effects. The author analyses interrelationship between terrorism and tourism and discusses ways to prevent and mitigate its negative effects.

Key words:
Tourism, international tourism, tourist, terrorism, act of terrorism.

Producers are basic subjects of the world commodity market which carry significant part of world economy added value. All industrial companies are working in hard competitive conditions. The modern feature of any company activity is global processes` influence: competition from global companies’ side (transnational corporations), global preferences of consumers, necessity in production of standardization and high qualitative commodities, necessity in development of single global or regional marketing strategy and marketing mix. The modern state of industrial companies ‘marketing management has been considered at the article, problems of marketing management dedicated to globalization and strong competition have been determined. Modern features of the globalization and its influence at marketing management of industrial businesses have been studied at the article.

Key words:
Management, marketing, globalization, transnational corporations, indus-trial companies.

The article analyses the opportunities of budget decentralization in the light of forming and functioning of local self-government system. The author exposes factors, determining a correlation of centralization and decentralization. A great attention is paid to the principles of expenditures responsibilities demarcation, to the problem of taxes` revenues fixing and to variants of regulation of vertical and horizontal inequalities in state budget system. The article exposes the role of local self-government as basis of federal state system. As a result, the author proposes a revenues structure on local and regional level with variant of local taxation system.

Key words:
Federalism, budget decentralization, vertical and horizontal inequalities, budget revenues and expenditures, local self-government, local budget, inter-governmental fiscal relations.

A model of fundraising activity in Ukraine is formed. The role of fundraising as a tool for mobilizing financial and other resources from various sources to implement socially relevant research and non-profit projects is revealed. The prospects and challenges of fundraising in Ukraine are considered and analyzed. The algorithm for calculating the integral performance index for fundraising activities in the framework of the strategy is proposed.

Key words:
Fundraising, donor project, a non-profit organization, charities, non-governmental organization, strategy, fundraising activities.

This article studies the trend of investment resources formation for the modernization of Ukraine’s economy through budgeting, which is created in the corporate sector, in banking system, in pension funds, households, in the stock market, and is invested by foreign investors. The tendencies that indicate a nar-rowing of investment sources that can be raised in the corporate sector and in the stock market are identified. In the part of the private (collective) investment the potential for its significant increase and subsequent targeting through the in-stitutions of collective investment into modernization projects was shown. It was proposed to develop at the national level the effective mechanisms to stimulate the investment processes in the corporate sector, as well as to create an exten-sive institutional network for innovative projects selection as the facilities of public importance to be invested.

Key words:
State, society modernization, economic modernization, institutional chang-es, consolidation of financial resources, investment, innovation.