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ABSTRACT: The global financial crisis created new challenges for the states that have joined the European Union in 2004 and 2007, but that are not yet members of the Euro zone; the maintenance of the convergence indicators below the reference values is a real challenge for the new EU member states. This study aims to evaluate the macroeconomic policies which these countries implemented in their endeavour to adopt the Euro. It starts from the analysis of the stage of meeting the nominal criteria of convergence and it subsequently identifies some characteristics of the macroeconomic policies, stressing on the importance of reformulating and recalibrating these macroeconomic policies so that they can cope with the current challenges.
Studii Financiare (Financial Studies). 01/2010; 14(1):123-140.
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ABSTRACT: Europe faces huge challenges such as the current economic and financial crisis, climate changes, sustainable development, energetic security etc. To meet these challenges, European Union (EU) needs some tools that are offered by Lisbon Treaty signed on December 13, 2007. This treaty guarantees, inter alia, that the EU will work towards sustainable development, based on balanced economic growth and price stability, on a highly competitive social market economy aiming at full employment and social progress. Also, the Treaty stresses that it will help to eradicate poverty. Currently, unemployment is one of the most serious problems in the EU, and also in Romania. The following article will present some aspects of the labor market developments and its social implications at EU level with special reference to our country in the context of the current global crisis.
Studii Financiare (Financial Studies). 01/2010; 14(2):120-129.
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ABSTRACT: Performance criteria in terms of nominal convergence and alignment with the monetary policy of the European Central Bank (ECB), National Bank of Romania will need to use more effective monetary instruments at its disposal to achieve its fundamental objective of price stability, in this respect, being planned an annual inflation targeting of 3.5% ± 1 percentage point for 2009 and 2010. Thus, in this article we will examine how the interest rate channel works in the monetary policy impulse transmission: namely we calculate several intervals of margin and elasticity that will outline the impact of monetary policy interest rate on several inter banking market variables (short term analysis) as well as on some macroeconomic variables (including HICPs and the exchange rate RON/EUR and RON/USD). The present article is indented to develop future, more elaborate analysis.
Studii Financiare (Financial Studies). 01/2009; 13(4):188-199.
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ABSTRACT: In this article, the authors aimed to capture the main features of the labour market in the new EU member states in the current context of economic and financial crisis which put its imprint on the economies of countries analyzed. It could be noted that in the New Member States (NMS), although they have been important steps to implement measures to provide a better integration of social and labour market policies, however, the results are below expectations. An explanation for this state of affairs is the low level maintenance in all NMS of the share of expenditure on labour market policies and education in GDP of the countries examined, compared with the EU27 average. In the actual global context, in all New Member States the labour market has suffered a series of structural changes, labour directing towards attractive fields, being noticed that the labour market records a greater flexibility concerning wages and a lower one concerning employment at the national level. Lack of effective concrete measures in the plan of public policies, that could be successfully undertaken, can make "attractive" fields to be more risky from the perspective of losing jobs.
Studii Financiare (Financial Studies). 01/2009; 13(1):100-108.
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ABSTRACT: Deşi se utilizează frecvent, competitivitatea naţională este încă o noţiune ambiguă, în sensul că nu există nici o definiţie unanim acceptată în literatura de specialitate, ci numeroase abordări. În acest articol vom încerca să contribuim la clarificarea conceptului de competitivitate, formulând un set de caracteristici care stau la baza acestuia.
Studii Financiare (Financial Studies). 01/2008; 12(4):51-59.
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ABSTRACT: A subject of major importance in managing the public policies is represented by labour market. For that matter, the favorable evolutions of labour market in Baltic States made an argument for our analyses. Thus, in this countries labour market acts as a flexible one. Starting with the period 2000-2001 labour market is relatively stable recording an increase of the employee number, a reduction of the unemployment rate, including the structural one and a decrease of the number of jobseekers, proving that the labour force ajusted it self pretty well at the new labour market conditions. The institutional framework is less restrictive from the point of view of labour market flexibility as compared with UE15, salaries and wages are basicaly fixed by the companies according to the market mechanism, (majorily influenced by the evolution of the labour productivity and by the the rate of jobseekers), unemplyment aid is not ecessively high as compared with other EU countries, and the fiscal burden on personal income is close to the EU15 level, thus in the future the gradual increase of the minimum and average wage is not seen as being a factor of depreciation for the institutional labour market structure.
Revista de Economie Industriala (Journal of Industrial Eonomics). 01/2007; 5(3):79-84.
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ABSTRACT: While most macroeconomic indicators, analyzed on a longer period of time, may indicate the "health" of an economy, the exchange rate evolution reveals, generally, the increase or decrease, non seldom brutal, of the "temperature" of an economy. Thus, the analysis of the exchange rates evolution of the New Member States (NMS) of the European Union (EU) may constitute the basis for further research concerning these regional economies in the context of the changeover to Euro. Of course, the Euro currency is not a solution against all risks (it remains the risk of overheating and the risk of the loss of competitiveness), but amid the beginning and manifestation of global financial and economic crisis, the Euro currency proved to be a good enough protection for the euro area countries, increasing the attractiveness of this monetary area for the NMS. However, NMS can restrict macroeconomic slippages caused by the crisis by implementing balanced fiscal and wage policies, and the exchange rate or other monetary instruments may be temporary outlets for stress accumulation in these economies.
Studii Financiare (Financial Studies). 14(3):119-132.
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ABSTRACT: Considerable interest in labour market policies, determined that the analysis on EU labour had to reflect a greater importance and to become a key instrument for monitoring the labour market evolution. One of the main goals for increasing employment and employment rates, besides their importance for personal well-being, is to optimised the balance between demand and supply on labour market, while at the same time to grant fiscal facilities with the purpose to give incentives in the creation of new working places and to reduce taxes on labour force, respectively on employer and employee.
Revista de Economie Industriala (Journal of Industrial Eonomics). 5(2).
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ABSTRACT: As of September 2008, the vulnerabilities accumulated during the previous periods overlapped the devastating effects of the crisis in the new member states (NMS) of the European Union, deteriorating the main macro-indicators and increasing the economic instability, which generated a profound process of adjustment. Under the conditions of the economic crisis, the accomplishment of the criteria of nominal convergence, necessary in order to adopt the euro, is a real challenge for all the new member states; this materialized primarily in the increase of the exchange rate volatility and of the fiscal-budgetary deficits. During this period of great incertitude and national, regional and international disturbances which spread throughout the world states touched by the economic globalization process, the NMS need a balanced mix of macroeconomic policies adapted to the new conditions that will allow them to preserve their stability. Thus, the monetary policy should have a supportive role for the domestic economies of the NMS, while the fiscal policy should be a key macroeconomic instrument which to compensate the limited capacity of the monetary policy under the conditions of the economic recession, being an important short-term support for the economy.
Studii Financiare (Financial Studies). 15(1):171-189.
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Alina Ailinca
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ABSTRACT: With all its effects, positive and negative, the global economic and financial crisis continues to cause disturbances to the markets, causing at the same time an introspective analysis of the overall macroeconomic international and national situation. In this context, the present article aims to monitor the interest rates that comply with the Maastricht criterion in the new EU Member States (NMS). An argument for the analysis of this criterion in NMS is that the market of long-term government bond yields has also experienced a high volatility during the period 2008-2010, although paradoxically, according to theory, it is rather related to the compliance with the inflation criterion, than to the other nominal and real criteria or aspects. However, in reality, the long-term government bond yields evolution shows an accumulation of negative signals, both from the fiscal-budgetary deficits and from the other nominal and real macroeconomic variables. In this way, the paper argues why the increase of long-term interest rate differentials in the NMS in 2008- 2010 was possible, compared with the reference value and with the euro area average.
Studii Financiare (Financial Studies). 14(4):160-166.
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ABSTRACT: The services activity in the European area, as presented in this article, takes an important place in the entire economic activity both as turnover and as comprising sphere. For this reason the, European Commission pays a special attention in establishing a legal framework for the development of these activities as well as for creating the premises for their quantitative and qualitative development. The major categories of services analyzed are: distributive trades, transport and tourism.
Revista de Economie Industriala (Journal of Industrial Eonomics). 5(2).
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ABSTRACT: The purpose of the paper is to point some directions and problems in the implementation of some sectoral policies in the new EU member states which are not members of the euro zone, aiming to allow the accomplishment of the targets set by the Europe 2020 strategy. Thus, all EU member states having problems in the sectoral fields developed or are developing policies and strategies to solve these problematic situations, so that by 2020 they may achieve the goals of the Europe 2020 strategy. The Structural and cohesion funds of the European Union have a crucial role to this purpose, as well as the improvement of the absorption capacity by the beneficiary countries. The authors show that the targets of the economic policies and environmental objectives must not be in contradiction, rather synergic. The long-term prosperity of the European Union depends on the introduction of sustainable patterns of production and consumption adapted to the renewing capacity of the ecosystems and on the investments in research and innovation.
Studii Financiare (Financial Studies). 15(4):108-125.
