The set of fiscal rules within the Euro area are based on the functionality of the automatic stabilizers as a main instrument of the fiscal stabilization. This non-discretionary approach should guarantee that the evolution of the current budget deficit is anti-cyclic and thus it should...

In transition, the Romanian authorities have advanced the development of prudent macroeconomics policies and implemented structural reforms in the market for goods, labor and financial products. On the long term, Romanian real convergence to the European model is more important than nominal...

This paper evaluates the present estate of Euro implementation in Monetary and Economic Union (EMU) and Romanian position in this context. The Romanian admittance in EU at January 2007 increased the interest to study the transmission and coordination mechanisms, related to mix common monetary...

The European social model is characterized by a high heterogeneity degree, the member countries recording significant differences between the national redistribution systems. According to the existing gaps regarding the decreases of the poverty, the participation to the labour market and the...

The global economy of the twenty-first century is characterised by rapid changes which create both threats and opportunities. The biggest challenge for the european economy is to become sufficiently flexible so as to avail of the opportunities and surmount the threats. This requires, above all,...

This paper brings arguments for the necessity to re-think the modality to analize and interpret the Romanian fiscal policy, under the terms of the future adheration to the Euro Zone. Under these terms, this study estimates the structural budget deficit, considering this indicator as one of the...

This analysis presents a theoretical approach of the possible costs related to a national economy which desires to be part of a monetary union. The analysis is made in terms of the classical optimum currency areas theory, which represents the basis of the monetary union process. The objective of...

The European Union sovereign-debt crisis brings up again the problem of current account sustainability, the fiscal policy sustainability and the public debt sustainability, as well as the interconditionality between them. On the background of the severe structural problems, the lack of...

This paper presents the main costs and benefits of accession to the EMU countries, different transmission mechanisms of monetary policy measures villages as national fiscal policies and the procedures for quantifying the effects of these measures on the real economy. Are costs caused by the...

Our study evaluates the trade-off between real and nominal convergence in transition countries relating European integration (case of Romania). The potential conflict between Maastricht criteria and the possibility to obtain a faster real convergence with the European Union countries is...