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The Romanian economy - four years after the EU accession

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  • Laurian LUNGU

    (Cardiff Business School and Macroanalitica, Romania;)

Abstract

The first four years of Romania’s membership confirmed that the accession to the EU had, overall, positive effects on the economy. Although the pace of structural reforms had slowed down after 2007, they picked up again after the start of financial crisis, at the end of 2008. Households’ wealth and purchasing power have increased despite the recent drop over the last two years. Looking ahead, Romania’s economy will need to enhance its competitiveness and pursue a growth model which would make it less dependent on external shocks. Economic strategies leading to both physical and human capital accumulation would need to be clearly defined and supported by all political parties. With monetary policy aimed at maintaining price stability, fiscal policy would have a defining role in preserving and enhancing competitiveness. The pursuance of sound fiscal and monetary policies would be paramount in achieving sustained growth in the years to come.

Suggested Citation

  • Laurian LUNGU, 2011. "The Romanian economy - four years after the EU accession," Eastern Journal of European Studies, Centre for European Studies, Alexandru Ioan Cuza University, vol. 2, pages 31-48, December.
    • Handle: RePEc:jes:journl:y:2011:v:2:p:31-48
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    File URL: http://www.ejes.uaic.ro/articles/EJES2011_0202_LUN.pdf
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    References listed on IDEAS

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