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Economic Evolutions In Romania And In The European Union In Crisis Conditions


  • Alina Hagiu

    (Universitatea Petrol-Gaze)


The global economic crisis is magnifying every day, and Romania began to increasingly feel the economic recession, to which economists from the whole world fail to find an antidote. Economic crisis will hit Romania fully. And there will not be a little crisis, as some still say, but will be a system crisis, an economic crisis, which if we don’t understand and don’t treat properly, will produce devastating effects. Is the same as in the years '29 -'33, when the capitalist system of manufacturing bankrupt and it was replaced at that time with a capitalist financial system. Today, the financial capitalism is too in bankruptcy and must be replaced by another system. What will it be? The world is looking for it. For Romania, in the present situation, it is extremely important to be aware of the crisis in its true dimension and try to keep manage. Regarding European Union, in many ways the current economic crisis is a severe test for it. There is no secret that until now the national interests prevailed in all essential matters, beginning with that of energy security. But despite this, rhetoric typical of Brussels has managed so far to alleviate asperities moving tactically discussion in areas where septic joint positions are more easily obtained. The process will be much more difficult now. Already due to political and economic pressures at home, governments of all member countries appear less willing to take into account the views of Brussels map. So far the European Union authorities have officially recognized that the Euro zone fell into recession after the third quarter of 2008 was the second consecutive quarter of negative growth estimating that GDP will decrease more in 2009. On these coordinates we intend to analyze the effects of economic crisis on Romania and the European Union in general, also trying to formulate possible ways to follow for decreasing the negative effects as long as their removal does not seem possible.

Suggested Citation

  • Alina Hagiu, 2009. "Economic Evolutions In Romania And In The European Union In Crisis Conditions," Romanian Economic Business Review, Romanian-American University, vol. 4(3), pages 25-36, September.
  • Handle: RePEc:rau:journl:v:4:y:2009:i:3:p:25-36

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    References listed on IDEAS

    1. Timothy J. Kehoe & Edward C. Prescott, 2002. "Great Depressions of the Twentieth Century," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 5(1), pages 1-18, January.
    2. Heiko Hesse & Nathaniel Frank & Brenda Gonzalez-Hermosillo, 2008. "Transmission of Liquidity Shocks; Evidence from the 2007 Subprime Crisis," IMF Working Papers 08/200, International Monetary Fund.
    3. Timothy J. Kehoe & Edward C. Prescott(), 2007. "Great depressions of the twentieth century," Monograph, Federal Reserve Bank of Minneapolis, number 2007gdott.
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    Cited by:

    1. Ioan LAZÃR, 2010. "Considerations On The Role Of Eu’S Competition Policy In Achieving The Objectives Of The Strategy - Europe 2020," Curentul Juridic, The Juridical Current, Le Courant Juridique, Petru Maior University, Faculty of Economics Law and Administrative Sciences and Pro Iure Foundation, vol. 42, pages 82-86, September.


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