Development of Nominal Convergence Indicators in New Member States of European Union under the Challenges of Economic and Financial Crisis

The importance of compliance with nominal convergence criteria is crucial for adopting the euro in New Member States (NMS).Although some of these countries have made remarkable efforts for complying with nominal criteria, structural and conjunctional macroeconomicimbalances have created big problems in this respect. Also, the global financial crisis revealed new challenges for the NSM which are not yetmembers of the euro area. Having imbalances widened further much more than the countries in the euro area, many of them have come to appreciatethe protection of the euro area membership, especially at times of financial and economic crises. Though, some NMS would like to speed up euroadoption, they now face conditions that may make it more difficult for them to satisfy the requirements of the nominal convergence criteria. Thus, inthis article we try to capture the effects of economic and financial crises on the nominal convergence indicators in NMS

Development of Nominal Convergence Indicators in New Member States of European Union under the Challenges of Economic and Financial Crisis

The importance of compliance with nominal convergence criteria is crucial for adopting the euro in New Member States (NMS). Although some of these countries have made remarkable efforts for complying with nominal criteria, structural and conjunctional macroeconomic imbalances have created big problems in this respect. Also, the global financial crisis revealed new challenges for the NSM which are not yet members of the euro area. Having imbalances widened further much more than the countries in the euro area, many of them have come to appreciate the protection of the euro area membership, especially at times of financial and economic crises. Though, some NMS would like to speed up euro adoption, they now face conditions that may make it more difficult for them to satisfy the requirements of the nominal convergence criteria. Thus, in this article we try to capture the effects of economic and financial crises on the nominal convergence indicators in NMS

Aspects of the Current Fiscal - Budgetary Situation in Some Euro Area Countries. Implications for Romania

The financial and economic global crisis has exacerbated some of the imbalances existent in all EU Member States, in particular the fiscal-budgetary imbalances. For some countries whose currency is euro, the fiscal and budgetary challenges seem to threaten even the stability of the euro area. Thus, in the context of financial and economic global crisis, this article aims at identifying a number of negative aspects of the fiscal-budgetary situation of some euro area countries, more seriously affected (Greece, Italy, Portugal, Ireland, Spain) and at revealing a series of possible implications of this phenomenon for Romania, thus giving originality of the conducted analysis. A fulcrum in this approach is the economic literature and the authors’ research work in the field of European integration. Through a comparative approach, the authors have identified some weaknesses of the Romanian economy generated by the current situation of some euro area countries. Given the place of the theme within the frame of present interest researches, the article’s results will be of interest for both academics and practitioners

Aspects of the Current Fiscal - Budgetary Situation in Some Euro Area Countries. Implications for Romania

The financial and economic global crisis has exacerbated some of the imbalances existent inall EU Member States, in particular the fiscal-budgetary imbalances. For some countries whosecurrency is euro, the fiscal and budgetary challenges seem to threaten even the stability of the euroarea. Thus, in the context of financial and economic global crisis, this article aims at identifying anumber of negative aspects of the fiscal-budgetary situation of some euro area countries, moreseriously affected (Greece, Italy, Portugal, Ireland, Spain) and at revealing a series of possibleimplications of this phenomenon for Romania, thus giving originality of the conducted analysis. Afulcrum in this approach is the economic literature and the authors’ research work in the field ofEuropean integration. Through a comparative approach, the authors have identified some weaknessesof the Romanian economy generated by the current situation of some euro area countries. Given theplace of the theme within the frame of present interest researches, the article’s results will be of interestfor both academics and practitioners

CHARACTERISTICS OF THE LABOUR MARKET IN THE NEW EU MEMBER STATES

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.unemployment rate, economic growth, workforce employment rate.

ANALIZA ÎNDEPLINIRII CRITERIILOR DE CONVERGENŢĂ NOMINALĂ ÎN NOILE STATE MEMBRE ÎN PROCESUL DE ADOPTARE A MONEDEI EURO

În literatura de specialitate, insuficienta abordare a problematicii convergenţei face ca legăturile dintre convergenţa reală şi cea nominală să nu fie identificate corespunzător în vederea conturării unor posibile „drumuri de urmat” pentru ţările doritoare a accede în zona euro. Astfel, în acest articol, nu voi încerca o analiză a ceea ce înseamnă sau ar trebui să însemne criteriile reale şi nominale de convergenţă ,precum şi a inter-condiţionărilor reciproce, ci voi identifica o metodologie care să permită o mai bună apreciere privind stadiul îndeplinirii criteriilor nominale de convergenţă în noile state membre (NSM), pentru ca „starea actuală” a convergenţei nominale să poată fi evaluată echidistant şi transparent. In extenso, aplicarea unei metodologii similare în ceea ce priveşte criteriile reale de convergenţă, în urma stabilirii acestora, ar putea permite evaluarea corespunzătoare a „stării de convergenţă” a unei ţări membre a Uniunii Europene, prin clarificarea asupra ceea ce însemnă „ţinta” în materie de convergenţă.convergenţă nominală, integrare, U.E.

Aspects of Labor Market Trends and Social Implications in the European Union (Eu) in the Context of the Current Global Crisis - Case Study on Romania

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.economic and financial crisis, employment, unemployment

Effects of Economic and Financial Crisis on Nominal Convergence Indicators in New Member States

The importance of compliance with nominal convergence criteria is crucial for adopting the euroin New Member States (NMS). Although some of these countries have made remarkable efforts forcomplying with nominal criteria, structural and conjunctional macroeconomic imbalances have created bigproblems in this respect. Also, the global financial crisis revealed new challenges for the NSM which are notyet members of the euro area. Having imbalances widened further much more than the countries in the euroarea, many of them have come to appreciate the protection of the euro area membership, especially at times offinancial and economic crises. Though, some NMS would like to speed up euro adoption, they now faceconditions that may make it more difficult for them to satisfy the requirements of the nominal convergencecriteria. Thus, in this article we try to capture the effects of economic and financial crises on the nominalconvergence indicators in NMS

ASPECTS OF THE EXCHANGE RATE TRENDS IN THE NEW MEMBER STATES OF THE EUROPEAN UNION

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.economic and financial crisis, exchange rate, new EU member states of EU

Exchange rate targeting in New Member States of the European Union: New Times, New Challenges

This article points out some of the challenges of the monetary authorities in countries which have fixedexchange rate arrangement. In the current crisis environment, the Baltic States and Bulgaria seem to have moreproblems than solutions. Though, the situation is not very appealing now and in the future, they could exploit thestatus of being pegged to euro, by adhering sooner to the euro zone than the Visegrad Group if they urgentlycorrect the financial-budgetary and external imbalances