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Romania During The Post-Crisis Period: A Limitative Evaluation

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  • Pop, Napoleon

    (Centre for Financial and Monetary Research “Victor Slăvescu”, Romanian Academy)

Abstract

It is our duty to insist, by repetition, on some aspects linked with possible exit from the present crisis, observing that the general approach has had the temptation to derail from the well known and very simple rules imposed either by theory or practice in connection with the business cycle development. A great deal of information, which has been produced on the topic of the international financial crisis and its impact on the real economy development plunging also into a dip recession, gives us the possibility to observe that the future of the global economy will depend more on the geostrategy and geopolitical approach. Within the framework of this approach we see a resetting of interests around different "G" type groups (G-7, G- 8, G-20, G-2 etc), bringing us to the unavoidable resetting of the international order. The process is reflecting by itself o new objective reality of increasing the number of economic powers around the world and the desire for a new positioning of them in the new global order giving benefits and assuming costs. The management of the global equilibrium needs an extensive partnership, with possible obligations sharing, and the aspirations for imposing an individual view must be accompanied by assuming accordingly responsibilities. Romania can not avoid these new realities out of a solution to her first cyclical crisis and having the decisive option for the western type democracy. She needs, beside short term measures, a full fledged long term vision, in order the exit from the present crisis to be consistent with the structural reforms, both delayed or actual, if she wants a real progress to the EU standards within a the real convergence process. At the same time, the lessons of the previous crisis should be attentively studied, as the short term solutions, probably the most important from the point of immediately reaction from the authorities cannot diverge from simple knowledgeable and efficient rules. The temptation, that during a crisis, one should be too innovative proves to deepen the effect of the crisis, departs to far from the real dealing with the causes, it can be very costly on long run. It is better to be keen on the real solutions, based on the proceedings voluntarily accepted of the elite economic club Romania has joined, e.g. EU, proceedings which now are part of our own responsibility to be correctly applied.

Suggested Citation

  • Pop, Napoleon, 2010. "Romania During The Post-Crisis Period: A Limitative Evaluation," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 14(4), pages 93-110.
  • Handle: RePEc:vls:finstu:v:14:y:2010:i:4:p:93-110
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    Cited by:

    1. Lupu, Iulia & Pop, Napoleon & Criste, Adina & Milea, Camelia & Seitan, Silviu Marius & Ivan, Mihai Vincentiu & Iordache, Floarea & Ailinca, Alina Georgeta & Chirila, Viorica & Chirila, Ciprian & Iarca, 2012. "The Governance Of Euro Adoption In The New Member States Of The European Union," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 16(1), pages 117-131.

    More about this item

    Keywords

    financial crisis; economic crisis; causes; effects; shocks; intervention; remedies;

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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