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The global financial crisis and its implications on the convergence of Romania with the economic and monetary union

Author

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  • Veronel AVRAM
  • Marioara AVRAM

    (University of Craiova)

Abstract

The international financial crisis has affected the new member States of the European Union as well, for which the convergence criteria represent the economic test of evaluation of a degree of economic preparation, in order to participate in the third stage of the Economic and Monetary Union. This paper analyses the main evolutions recorded by Romania under the conditions of the global financial crisis, regarding the stability of the prices, the long term interests, the budget deficit, the level of the public debt in the Gross Domestic Product, the stability of the change and the degree of the preparation of the National Central Bank for the adherence to the Eurosystem. We are trying to identify a series of challenges and risks which are brought by the international financial crisis during the chosen period by the Romanian authorities for the adoption of the unique European currency, respectively 2014-2015.

Suggested Citation

  • Veronel AVRAM & Marioara AVRAM, 2010. "The global financial crisis and its implications on the convergence of Romania with the economic and monetary union," Finante - provocarile viitorului (Finance - Challenges of the Future), University of Craiova, Faculty of Economics and Business Administration, vol. 1(11), pages 162-168, May.
  • Handle: RePEc:aio:fpvfcf:v:1:y:2010:i:11:p:162-168
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    Keywords

    institutional convergence; the real convergence; the nominal convergence; the convergence criteria;

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F59 - International Economics - - International Relations, National Security, and International Political Economy - - - Other

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