Although in Banat - an old economic and cultural center of Romania - the need for higher education was perceived

since the nineteenth century, the setting up of the Faculty of Economics has become a reality only in the autumn of 1967. An analysis of the dynamic evolution of the faculty reveals the existence of two distinct phases (1967-1989 and 19902008) obviously influenced by the evolution of the economic-social system. The main events that can be considered historical milestones for establishing the foundation of the economic studies in Timisoara, in the first period, include: to set up the Economic Library as integrative part of the Central University Library 1968; to work out a new structure dedicated to the improvement of specialized postgraduate courses - in the academic year 1970-1971; to implement the strategic management concept of integrating higher education with scientific research and production - starting with the academic year 1973-1974; As powerful break, the year 1990 brought profound changes in the teaching activity of the faculty, as the democratization of the economic and social life led to fundamental changes in the entire education system, regarding both the concept and approach towards the general teaching activity, by removing entirely the ideological ballast imposed by the previous regime. Among the prominent events of this period we can mention: restructuring the specializations within the faculty and switching to the following 5 specializations: management in industry, construction management, transportation and telecommunications, Finance and Credit, Accounting, Economics and management of agricultural production; working out study programs, curricula, course syllabus, according to a modern, modular and alternative education, in order that it should become flexible and mobile by introducing optional and elective subjects; the establishing of professional training activities like doctoral study programs: the setting up of legal studies within the faculty, starting with the academic year 19901991; the founding of three new specializations: Tourism and Services, Economy-pedagogy and international economic relations, starting with the academic year 1991-1992; the undertaking of the specializations of Sociology, Psychology and Social Work, followed by a change in the name of the faculty, which became the Faculty of Economics, Psycho-pedagogy and Law, in 1991; the separation of specializations like Sociology, Psychology and Social Work, which induced another change in the name of the Faculty, from now on this being called The Faculty of Economics and Law, 1994; the structuring of higher education into two cycles of study, and the organization of postgraduate studies in a third cycle of study, in the academic year 1994-1995; the introduction of master studies in the academic year 1995-1996; the setting up of the Community College in Caransebes (three years of study), in the field of Finance and Banking Technology, 1996; the separation of legal studies, changing the name of the faculty into the Faculty of Economics, in 1996; the building and putting into use of a new edifice, in 1999; the quantification of the students activity by ECTS credits, in 2003; the change of the facultys name, due to the new conditions induced by the integration in the European Higher Education Area, into the Faculty of Economics and Business Administration, in 2004; the approval and implementation of curricula designed for specializations of the I cycle of academic studies, lasting 3 years, coordinated following the national debates organized by AFER, in 2005; reorganizing the master study programs, structured for the third cycle of academic studies, according to the requirements of the new legislation drafted, taking into account the principles of the Bologna Process, in 2007;