Romania: Climbing The Ladder For A Better Future. When Will It Reach Eu And Euro Area?
AbstractIn this paper we assess the evolution of Romania’s economic convergence with the European Union (EU) and Euro area, during the period 2000-2010. In order to determine the number of years required to reach the EU and Euro area average, we employ an economic convergence index, made up of real and structural convergence indexes. The analysis shows that Romania has been climbing the ladder in the process of catching-up with the EU and the Euro area until 2008 when, because of the international crisis, the economic convergence index started decreasing. We report that Romania will reach the EU average in April 2056 and the Euro area average in September 2062.As revealed by the analysis, it will take decadesto attain the European levels of economic convergence, this being the most important challenge for Romania on the long term.
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Bibliographic InfoArticle provided by Constantin Brancusi University, Faculty of Economics in its journal Constatin Brancusi University of Targu Jiu Annals - Economy Series.
Volume (Year): 4 (2011)
Issue (Month): (December)
real convergence; structural convergence; catching-up process; EU; Euro area;
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- Urmas Varblane & Priit Vahter, 2005. "An Analysis Of The Economic Convergence Process In The Transition Countries," University of Tartu - Faculty of Economics and Business Administration Working Paper Series 37, Faculty of Economics and Business Administration, University of Tartu (Estonia).
- Elena Bojesteanu & Gabriel Bobeica, 2008. "Where Do the Newest EU Member States Stand on the Road to Monetary Integration?," International Trade and Finance Association Conference Papers 1121, International Trade and Finance Association.
- Péter Halmai & Viktória Vásáry, 2010. "Real convergence in the new Member States of the European Union (Shorter and longer term prospects)," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 7(1), pages 229-253, June.
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