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Is Romania Ready for Adopting Euro?

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  • Mihai Rebiga
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    Abstract

    The common monetary policy is applyed in all member states of the Economic and Monetary Union (EMU), having a common institutional system, common European currency and system of regulations that helps them coordinate the banking activities in all EMU. The application of this policy has brought remarkable results so far, settling the monetary market in the euro zone. But, the new European Union member states have to apply these common rules and regulations in order for them to accede to EMU, which could produce both positive and negative effects, especially given that most of their economies are not yet ready for this king of changes. It is Romania’s situation as well, having had the target set on acceding this by 2014. But is the Romanian economy ready for such a change? And how close is Romania to achieving the convergence criteria?

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    Bibliographic Info

    Article provided by "Vasile Alecsandri" University of Bacau, Faculty of Economic Sciences in its journal Studies and Scientific Researches. Economics Edition.

    Volume (Year): (2010)
    Issue (Month): 15 ()
    Pages:

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    Handle: RePEc:bac:fsecub:10-15-21

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    Keywords: Economic and Monetary Union; euro adoption; monetary market; financial crisis; convergence criteria; monetary policy;

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    1. Ansgar Belke & Julia Spies, 2007. "Enlarging the EMU to the east: What effects on trade?," Ruhr Economic Papers 0021, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
    2. Michael Arghyrou, 2009. "Monetary policy before and after the euro: evidence from Greece," Empirical Economics, Springer, vol. 36(3), pages 621-643, June.
    3. Jesús Crespo Cuaresma & Jarko Fidrmuc & Maria Silgoner, 2008. "Fundamentals, the exchange rate and prospects for the current and future EU enlargements: evidence from Bulgaria, Croatia, Romania and Turkey," Empirica, Springer, vol. 35(2), pages 195-211, April.
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    6. Michael D. Bordo & Harold James, 2008. "A Long Term Perspective on the Euro," NBER Working Papers 13815, National Bureau of Economic Research, Inc.
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    8. Corrado Passera, 2004. "The Enlarged EU: Economic Integration, Financial Development, and Business Opportunities for Foreign Banks," Transition Studies Review, Springer, vol. 11(3), pages 17-27, December.
    9. Tommy Gärling & John Thøgersen, 2007. "Effects of the Euro Changeover on Consumer Behaviour: Introduction to the Special Issue," Journal of Consumer Policy, Springer, vol. 30(4), pages 303-311, December.
    10. Cillian Ryan & Nicholas Horsewood, 2009. "The role of banks in financial integration: evidence from new EU members," International Economics and Economic Policy, Springer, vol. 6(3), pages 235-258, October.
    11. Jan Babecký, 2008. "Aggregate Wage Flexibility in New EU Member States," Czech Economic Review, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, vol. 2(2), pages 123-145, September.
    12. Aron Octavian, 2008. "The Impact of Europeanization upon Party Systems in Slovakia and Romania," Transition Studies Review, Springer, vol. 15(2), pages 273-280, September.
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