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The Role of European Funds in the Economic Development

Author

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  • Cosmin Ivascu

Abstract

European Union was created for enhancing the cooperation and economic development of country members. This very complex initiative is a long-term process that contributes to reduction of inequalities due to the expansion of trade relations, increased mobility of factors of production and dissemination of technology and gradually added more freedoms between countries and common policies in this respect. Among the main objectives of EU are economic and social cohesion, which must be achieved mainly by promoting the conditions for economic growth and reducing disparities between the levels of development of EU regions, ensuring a high level of employment and a balanced and sustainable economical growth. The European Funds are the financial instruments of the common policies, being significantly diversified and improved in the last decades. The EU enlargement implied new challenges and higher efforts to support such common policies from a very limited common budget. For new members from Eastern Europe that joined EU, these European Funds were seen as a very important and reliable support for boosting their economic development. This paper will discuss, from both theoretical and empirical perspectives, the possible impact of these funds on the economic development, with a specific focus on the Eastern European Countries (EEC).

Suggested Citation

  • Cosmin Ivascu, 2021. "The Role of European Funds in the Economic Development," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 24(79), pages 75-89, March.
    • Handle: RePEc:rej:journl:v:24:y:2021:i:79:p:75-89
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    References listed on IDEAS

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    1. Cosmin Marinescu & Octavian-Dragomir Jora, 2013. "Assessment on the “institutional economics” of corruption. Business and development in Romania, between formal and informal practices," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 15(Special 7), pages 603-616, November.
    2. Andreas Stamate, 2011. "On Some Economic Aspects Of The European Competition Policy Rhetoric," Romanian Economic Business Review, Romanian-American University, vol. 6(3), pages 127-137, September.
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    Cited by:

    1. Liliana CHIHAIA SAVA & Diakoniuk Oleksandr, 2021. "Comparative Analysis On The Implementation Of European Projects At The Level Of The European Union And Romania In The Period 2007-2013 And 2014-2020," Internal Auditing and Risk Management, Athenaeum University of Bucharest, vol. 62(2), pages 135-145, June.
    2. Mari-Isabella STAN & Tanase TASENTE, 2023. "Evaluating the Implementation of Administrative Capacity Enhancement Projects in Romania: The Multidimensional Role of POCA (2014-2020)," Economics and Applied Informatics, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, issue 2, pages 171-180.

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    More about this item

    Keywords

    European Union; European Funds; common policies; economic development;
    All these keywords.

    JEL classification:

    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • F30 - International Economics - - International Finance - - - General
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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