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Convergence to EMU through the Test of the Public Finance –Romania’s Budgetary Deficit and Public Debt

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  • Susanu, Monica
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    Abstract

    The convergence criteria group together those macro variables whose dimensions mean to put in good use, to potentiate and to strengthen the major benefits of integration, as their configuration, either before and especially after the adhesion in EU, represents strict and compulsory requirements for each state. The very reason stands in the strategic target of adopting euro currency, as an advanced phase of the integration which thus brings together the negative integration – meaning the abolition of the various obstacles in common market functioning -, with the positive integration – that means that minimum action of the public authority mainly aimed to ensure the coordination and harmonization of the economic policies. Either budgetary deficit and public debt contain the quintessence of the convergence efforts in taking into account the public finance, since both indicators exhaustively mirror the government’s administration and interventionism, and reflect its practices and macroeconomic policies strategies. At the same time, they contain information and facilitate estimation and prognosis concerning not only that country’s estate and future, but the Union’s stability and future as well, since it represents an integrated system of many countries, a unitary whole of common goals and interests. The globalization is the outstanding economy’s characteristic either in present and future tense, which is a fact obviously confirmed by the propagated negative effects of the recent financial crises. The increasing importance of evaluating each country’s budgetary deficit and public debt, as much as each country is a part of a whole, is henceforth a reliable link for the member states of this great system. The globalization also favours the access and the extension of a multitude and various risks, which are able to penetrate through any split of any size. These public finance indicators are instruments enabled to operate as a primary and decisive court meant to signal and to preview the threatens against the system’s structure and stability, to prevent and remove these dangers, and also to heal long-term and bad effects.

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    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 20480.

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    Date of creation: 04 Apr 2009
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    Handle: RePEc:pra:mprapa:20480

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    Keywords: budgetary deficit; public debt; the convergence criteria;

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    1. António Afonso & Christophe Rault, 2008. "3-Step Analysis of Public Finances Sustainability: the Case of the European Union," CESifo Working Paper Series 2393, CESifo Group Munich.
    2. Afonso, António & Sousa, Ricardo M., 2009. "The macroeconomic effects of fiscal policy," Working Paper Series 0991, European Central Bank.
    3. Anna Lipinska, 2007. "The Maastricht Convergence Criteria and Optimal Monetary Policy for the EMU Accession Countries," CEP Discussion Papers dp0808, Centre for Economic Performance, LSE.
    4. Iancu, Aurel, 2007. "Economic Convergence. Applications - Second Part -," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 4(4), pages 24-48, December.
    5. Fagan, Gabriel & Gaspar, Vítor, 2008. "Macroeconomic adjustment to monetary union," Working Paper Series 0946, European Central Bank.
    6. Jean Chateau, 2002. "When are Structural Deficits Good Policies?," Working Papers 2002-14, CEPII research center.
    7. Georgescu, George, 2007. "Current Account Deficits and Implications on Country Risk of Romania," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 4(4), pages 88-96, December.
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