Romania and the Eurozone – Nominal Convergence Criteria
DOI:
https://doi.org/10.18662/upalaw/99Keywords:
convergence criteria, Eurozone, price stability, budget deficit, public debt, exchange rate, interes rateAbstract
The aim of this paper is to analyze the extent to which our country meets the nominal convergence criteria according to the latest Convergence Report issued by the ECB (European Central Bank) in June 2022. The research is predominantly conceptual, also containing elements of empirical testing. The data used to analyze the extent to which our country fullfills the convergence criteria was mainly extracted from the Convergence Report issued by the European Central Bank in June 2022. The nominal convergence criteria are mentioned in the Maastricht Treaty and detailed in a protocol attached to it. The aim of the criteria is to ensure a sustainable process of nominal convergence regarding the evolution of prices, the exchange rates and long-term interest rates, as well as the budget deficit and public debt. We would like to mention that, for an exhaustive analysis of a country's accession to the Eurozone, analyzing the nominal convergence criteria is not sufficient for determining whether a country is ready to adopt the euroor not. Such an analysis should take into account at least the following three elements: the fulfillment of the nominal and real convergence criteria, the fullfillment of the optimality criteria, as well as the costs versus benefits analysis. However, in this article we will focus exclusively on the extent to which Romania fullfills the nominal convergence criteria.
References
Banca Centrală Europeană. (2012). Raport de Convergenţă. Banca Centrală Europeană. http://www.ecb.int/pub/pdf/conrep/cr201205ro.pdf
Banca Centrală Europeană. (2022). Raport de Convergenţă. Banca Centrală Europeană. https://www.ecb.europa.eu/pub/pdf/conrep/ecb.cr202206~e0fe4e1874.ro.pdf
Isărescu, M. (2007). România – Drumul către Euro [Conference presentation]. Conferinţa organizată de Colegiul Academic al Universităţii Babeş Bolyai, http://www.ugir1903.ro/download/BNR_Drumul_catre_euro.pdf;
Kopits, G. (1999). Implications of EMU for Exchange Rate Policy in Central and Eastern Europe. IMF.
Krugman, P., & Obstfeld, M. (2006). International Economics. Theory andPolicy (seventh edition). Pearson Addison Weslley.
Mourmouras, I., & Arghyrou, M. (1999). Monetary Policy and the European Periphery: Greek Experience and Lessons for Transition Economies. CERT. http://www.sml.hw.ac.uk/cert/wpa/1999/dp9910.pdf
Tofan, M. (2008). Integrarea României in Structurile Uniunii Economice şi Monetare. C.H.Beck.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2022 Anuarul Universitatii "Petre Andrei" din Iasi - Fascicula: Drept, Stiinte Economice, Stiinte Politice & LUMEN Publishing House
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant this journal right of first publication, with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work, with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g. post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g. in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as an earlier and greater citation of published work (See The Effect of Open Access).
