A STUDY ON THE MONETARY CONVERGENCE AND THE ECONOMIC PERFORMANCE OF ROMANIA TOWARDS THE EUROZONE

Ioan - Marius Drăgoi, Elena Violeta Drăgoi, Larisa Elena Preda

Abstract


Starting on January 1, 1999, the whole world witnessed one of the most profound monetary revolutions in modern history, because on that date, the EU launched the final stage of EMU, implicitly creating a new trans-European currency, the euro. This monetary revolution created the world’s second largest economic bloc, a substantially altered European business environment, and the first potential challenge to the supremacy of the US dollar.

Euro implies a categorical monetary policy that has only one fundamental objective, namely monetary stability. At the same time, the adoption of the euro signifies an economic convergence towards performance regarding inflation, the interest rate and the budget deficit, as well as, in terms of real convergence of the economy of the states that are an integral part of the European Economic and Monetary Union.

For the adoption of the euro currency, it is necessary for our country’s economy to focus mainly on stabilization policies, which in the next time horizon will lead to a convergence of macroeconomic indicators with the limits imposed by the European Union.

This study analyses the degree of real convergence of the economy and the progress made by Romania in fulfilling the Maastricht criteria and Romania’s situation in the Eurozone, followed by an analysis of the Convergence Reports and projections regarding Romania’s accession to the Eurozone.


Keywords


monetary union; eurozone; euro currency; convergence; stability

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LUCRĂRI ȘTIINȚIFICE MANAGEMENT AGRICOL

ISSN print 1453-1410
ISSN online 2069-2307
(former ISSN 1453-1410, E-ISSN 2069-2307)

PUBLISHER: AGROPRINT Timisoara, Romania
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