This study analyzes the particularity of the structural adjustment process of the Romanian economy compared to the evolution of the new member countries of the European Union. Romania registers the highest level of structural “divergence” compared with the European average. This fact can...

The loss of the sovereign interest rate and exchange rate instruments is the main potential cost of joining a monetary union since it becomes more difficult to adjust swiftly to shocks. In the case of demand shocks that affect all countries more or less equally (symmetric shocks), the loss of...

In the OCA theory, the higher economic openness and closer economic cooperation automatically lead to the convergence of business cycles. Krugman (1993) presented and alternative view on this issue. In his opinion, closer trade ties result in better allocation of resources and higher output...