A Comprehensive Review on Capital Structure Theories

The Black Sea region has proved to be an emerging hub for Europe’s security and has experienced several changes and a great development at the beginning of the twenty-first century. This process is currently carried out, and has important implications for European security in a broader definition of the term - to achieve traditional military security, but also tackling other challenges at the address soft security issues, such as organized crime. Located at the crossroads of three regions of paramount importance - Europe, Middle East and Central Asia – the Black Sea region is a major transit area for energy and at the same time, an important source of asymmetric risks and outbreaks of conflicts. Therefore, analysing this region from an economical point of view, but not forgetting the energy security implications for this area, represents the main focus of this article, along with underlining the importance of various actors in the region and their actions’ impact on the future development of the Black Sea territory and surroundings.