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Economic Challenges in the Context of Convergence


The economic crisis showed us that pro-cyclical policies, which Romania was also seduced by, make the recovery more painful. This is why it is important to discuss openly if and why is it worth creating big deficits exactly when the economic situation is good, instead of preserving fiscal space for “hard times”, when the economic expansion will be exhausted.

In economic policy, policymakers must learn from previous mistakes


surselecresteriiIt is important that policymakers are aware of previous mistakes and responsible when it comes to economic policy. In the economy, resources are limited, and that’s the reason why we can’t afford to have all at once. National fiscal policies, although they benefit from Parliament’s support, are sometimes against the rules of fiscal governance, which were also adopted by the

Euro is Dead, Long Live the Euro! On the Euro-economic Salvation of the EU


breaking-up-is-hard-to-do-but-investors-can-cushion-themselves-against-a-euro-collapse-285x280The crisis has revealed the vicious circle that the euro would have faced anyway, sometimes in the future. The reasons why some are condemning the euro are, in fact, the reasons why it should be saved. But saving the euro at all costs – “whatever it takes”, in the terms of Mario Draghi – would actually mean the failure of the common currency. If the euro won’t succeed in imposing the

The Romanian economy is almost built around the state budget


Fiscal policy does not need to solve only the quantitative and, often, circumstantial problems of the budget, as it happened, unfortunately, until now, but rather to solve structural, profound problems of the economy. At the same time, in my opinion, structural reforms should mean more than professionalizing the management and cleaning the SOEs sector. Consolidating the

Regional Gaps in a European Context: Is Romania Getting Closer to the Euro?


More and more arguments are being introduced, either congruently or interchangeably, into the list of criteria for the adoption of the common currency. Sometimes, preconceived positions make their way through the multitude of invoked counter-arguments. Nominal convergence criteria have been continuously supplemented, sometimes

Cosmin Marinescu