MEASURES TO RECALIBRATE THE MACROECONOMIC POLICIES IN THE NEW EU MEMBER STATES THAT ARE TO ADOPT THE SINGLE CURRENCY

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.