EUROPEAN CRISIS’ EFFECTS UPON THE ROMANIAN ECONOMY Ionela Gavrila-Paven, “1 Decembrie 1918 University†Alba Iulia

Abstract

European Union is facing severe challenges from the financial crisis andthe deep recession. The recession of the global economy affected the commercial andfinancial relations between European economies and between Europe and the rest of theworld. European Commission has indicated how it intends to apply state aid rules tostate support schemes and individual assistance for financial institutions; has providedguidance on the treatment of asset relief and impaired assets; and has presentedproposals for establishing regulatory and supervisory standards for alternativeinvestment fund managers. In this condition European Union has two major challenges:one to continue its Agenda on the integration phenomenon, and the other to applymeasures to recover the crisis.financial crisis, recession, state aid rules, state support schemes, gross domesticproduct