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Romania’s European Moment: Reflections on the Common Future

Author

Listed:
  • NAPOLEON POP

    () (Institute for World Economy, Romanian Academy ROMANIA)

  • VALERIU IOAN-FRANC

    () (National Institute for Economic Reaserch “Costin C. Kirițescu”, Romanian Academy ROMANIA)

  • ANDREEA-EMANUELA DRĂGOI

    () (Institute for World Economy, Romanian Academy ROMANIA)

Abstract

Recently, the European Commission has drawn up a series of strategic documents regarding EU’s future. What all those scenarios have in common is the highlighted need for reform in different key domains, while opening new possibilities for further cooperation among EU Member States. Our paper explores the main strategic approach that Romania must embrace for achieving its full potential as a European Member State, while pursuing its own objectives in terms of economic development. It is our opinion that as a full-fledged member of the EU Romania has to emphasize its position regarding the future of European Union. The present economic and political framework offers a narrow window of opportunity for Romania in terms of establishing its future, which in our opinion is closely linked with the one of a more powerful and democratic Union. Our analysis is based on a scenario approach related to the Romania’s future in the “European common house”. In our view the best way for Romania approach thisfuture is to adopt a strategy of cooperation that allows a rapid catching up with other advanced European economies under the principle “to do less together but more efficient” (scenario 4), while pursuing its ultimate objective: “do more together” (scenario 5). In order to actively contribute to building a stronger Europe able to face multiple challenges, both internal and external, Romania must reposition itself in a such a way that will allows it to be closer to the decision making process of the Union, while targeting its major future objective: to become a member of the Eurozone. This article is arguing that acquiring the status of Eurozone member will be beneficial for Romania, although in our final remarks we are highlighting both the advantages and the vulnerabilities of this status-quo. However, it is our strong belief that political will is essential for Romania’s accession in the Eurozone, and therefore the establishing of a proper institutional framework is crucial for finally adopting the European single currency.

Suggested Citation

  • Napoleon Pop & Valeriu Ioan-Franc & Andreea-Emanuela Drăgoi, 2017. "Romania’s European Moment: Reflections on the Common Future," Global Economic Observer, "Nicolae Titulescu" University of Bucharest, Faculty of Economic Sciences;Institute for World Economy of the Romanian Academy, vol. 5(2), pages 79-89, December.
  • Handle: RePEc:ntu:ntugeo:vol5-iss2-17-079
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    More about this item

    Keywords

    European Union; Eurozone; Romania; economic development; European single currency;

    JEL classification:

    • E - Macroeconomics and Monetary Economics
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • F - International Economics
    • F02 - International Economics - - General - - - International Economic Order and Integration

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