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The Global Financial Crisis, Where Does Place Romanian Economy In EU?

Author

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  • Paul-Bogdan Zamfir

    () (“Constantin Brâncuşi” University of Târgu-Jiu, Romania)

Abstract

Along with joining the European Union, Romania became a full member of the largest economic bloc in the world, strengthening its position in terms of the global division of labour. The access to innovation and financing networks of the European Union will have visible effects concerning economic growth of Romania on medium and long term. Meanwhile, the entry under the full Europe's competition policy will lead to increase the productivity and economic growth as its main result obtained national welfare. However the global financial crisis has a serious impact on the Romanian economy. In this context the banks have become more restrained in lending and therefore, the companies are facing difficulties in accessing credit. Thus, lack of capital block business activity, which seriously affects the entire economy. The question which arises is: will be able Romania, to find the resources and managers to take out the country of one of the greatest economic crisis of the last century?

Suggested Citation

  • Paul-Bogdan Zamfir, 2010. "The Global Financial Crisis, Where Does Place Romanian Economy In EU?," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 10(2), pages 371-378.
  • Handle: RePEc:pet:annals:v:10:y:2010:i:2:p:371-378
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    More about this item

    Keywords

    global financial crisis; Romanian economy; European Union; gross domestic product; labour productivity; inflation;

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies

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