ABOUT THE ECONOMIC CRISIS

The economic crisis that the global economy is facing nowadays has started with the financial crisis of the U.S financial system. We are talking about an unprecedented speculative boom at global level which has overcome the previous booms created by the deconomic crisis, exchange rate, metal reserves

THE COMPETITIVENESS OF EMU MEMBER STATES IN THE FINANCIAL CRISIS

In the context of the financial crisis the imbalances in the euro area have been underlined. The issue had been previously debated during the years preceding the financial crisis, but the strong global economic expansion and the ongoing economic integration within the euro area partly masked the problems arising from these differential developments. This paper analyses the advantages and disavantages of the monetary union before and during the financial crisis and focuses on identifying solutions to correct the structural problems that are at the root of the economic divergencies within the euro area. Another issue that we discuss is how did price competitiveness diverged from one euro-area member state to another since the introduction of the euro, causing gains in price competitiveness for a small group of countries and significant losses for a larger group. The issue of competitiveness is essential for Romania as we are heading towards joining the euro zone.EMU, competitiveness, structural problems

THE COMPETITIVE ADVANTAGE OF ROMANIA IN THE CONTEXT OF ECONOMIC RECOVERY

The economic crisis has given the opportunity for the world to reconsider the use of resources, so the subject of competitive advantage has became actual. There are several relevant papers on national competitiveness, but we consider that there are still important issues to discuss in order to identify the economic sectors in Romania that have the potential to create successful products for the global market. The paper applies modern competitivity models on the features of our country, and concludes about the best use of our resources, in terms of increased productivity and optimal results. The goal is to encourage exporters to extend on several international markets and multinational companies to invest in developing new businesses in Romania.competitive advantage, resources, economic recovery

UTILISATION OF BENCHMARKING TECHNIQUES FOR FUNDAMENTING DEVELOPMENT STRATEGIES IN THE MANUFACTURING INDUSTRY IN ROMANIA

Benchmarking is a method used to measure the products, services and processes in comparison to an entity recognized as a leader in terms of performance of its operations. Used in the years 1970-1980 in the strategic management of the company currently has proven to be increasingly useful in many areas, including in international analysis models. In the European Union benchmarking indicators are used especially in the digital economy and as perspective indicators for 2011-2015 (Eurostat, Database). In the introduction we present and define forms of benchmarking, as well as a number of specific terms, which contribute to a better understanding of the content of this scientific work. Time series are used to highlight advances in labor productivity in EU countries, and the analysis is particularized for two countries: Romania and Germany. Quantitative data were collected from the source Eurostat website. A comprehensive indicator at macroeconomic level is resource productivity, representing GDP in relation with domestic consumption of material (DCM). DCM measures the amount of materials used directly by an economy. It is presented in tabular form for all European Union countries and Switzerland, as evolving over a period of eight years. Benchmarking method is used to highlight some differences (gaps) between EU countries regarding productivity and particularly the one between Germany and Romania is highlighted, concerning the performance of manufacturing industries. It is expected that this gap will diminish. The gap was highlighted by relevant graphics and interpretations. The second part of the paper focuses on comparative analysis of factors productivity using the production function. We analyze labor and capital productivity and other factors that determine the level of production. For highlighting the contribution of the labour factor we used the number of hours worked, considering that it reflects the analyzed phenomenon more realistically. For highlighting the contribution of capital factor we used as an indicator the capital stock in euros, available for Germany in the Eurostat database, and for Romania in the Statistical Yearbook 2009, expressed in RON, as comparable prices and then converted into euros at the average rate calculated by the NBR . The results for the entire manufacturing industry represent the basis for further expansion of benchmarking to the main components of this industry, especially automobile building, transportation vechicules, furniture, clothing, leather chemical, etc.., providing a scientific basis to fundament the economic policies including commercial ones.benchmarking, labour productivity, resource productivity, capital productivity, sustainable development strategy

ABOUT THE ECONOMIC CRISIS

The economic crisis that the global economy is facing nowadays has started with the financial crisis of the U.S financial system. We are talking about an unprecedented speculative boom at global level which has overcome the previous booms created by the

THE COMPETITIVENESS OF EMU MEMBER STATES IN THE FINANCIAL CRISIS

In the context of the financial crisis the imbalances in the euro area have been underlined. The issue had been previously debated during the years preceding the financial crisis, but the strong global economic expansion and the ongoing economic integration within the euro area partly masked the problems arising from these differential developments. This paper analyses the advantages and disavantages of the monetary union before and during the financial crisis and focuses on identifying solutions to correct the structural problems that are at the root of the economic divergencies within the euro area. Another issue that we discuss is how did price competitiveness diverged from one euro-area member state to another since the introduction of the euro, causing gains in price competitiveness for a small group of countries and significant losses for a larger group. The issue of competitiveness is essential for Romania as we are heading towards joining the euro zone

UTILISATION OF BENCHMARKING TECHNIQUES FOR FUNDAMENTING DEVELOPMENT STRATEGIES IN THE MANUFACTURING INDUSTRY IN ROMANIA

Benchmarking is a method used to measure the products, services and processes in comparison to an entity recognized as a leader in terms of performance of its operations. Used in the years 1970-1980 in the strategic management of the company currently has proven to be increasingly useful in many areas, including in international analysis models. In the European Union benchmarking indicators are used especially in the digital economy and as perspective indicators for 2011-2015 (Eurostat, Database). In the introduction we present and define forms of benchmarking, as well as a number of specific terms, which contribute to a better understanding of the content of this scientific work. Time series are used to highlight advances in labor productivity in EU countries, and the analysis is particularized for two countries: Romania and Germany. Quantitative data were collected from the source Eurostat website. A comprehensive indicator at macroeconomic level is resource productivity, representing GDP in relation with domestic consumption of material (DCM). DCM measures the amount of materials used directly by an economy. It is presented in tabular form for all European Union countries and Switzerland, as evolving over a period of eight years. Benchmarking method is used to highlight some differences (gaps) between EU countries regarding productivity and particularly the one between Germany and Romania is highlighted, concerning the performance of manufacturing industries. It is expected that this gap will diminish. The gap was highlighted by relevant graphics and interpretations. The second part of the paper focuses on comparative analysis of factors productivity using the production function. We analyze labor and capital productivity and other factors that determine the level of production. For highlighting the contribution of the labour factor we used the number of hours worked, considering that it reflects the analyzed phenomenon more realistically. For highlighting the contribution of capital factor we used as an indicator the capital stock in euros, available for Germany in the Eurostat database, and for Romania in the Statistical Yearbook 2009, expressed in RON, as comparable prices and then converted into euros at the average rate calculated by the NBR . The results for the entire manufacturing industry represent the basis for further expansion of benchmarking to the main components of this industry, especially automobile building, transportation vechicules, furniture, clothing, leather chemical, etc.., providing a scientific basis to fundament the economic policies including commercial ones