EUROPEAN UNION'S FINANCIAL INSTRUMENTS FOR ECONOMIC RECOVERY OF THE MEMBER STATES

Ioan Lazăr

Annales Universitatis Apulensis Series Oeconomica, 2009, vol. 1, issue 11, 53

Abstract: The harsh conditions that marked the evolution of the Romanian financial system were strongly marked by the manifestation of the global financial and economic crisis. In the early period of the crisis, the Romanian economy already passed through a period of growth in high rates, but accompanied by the accumulation of a crucial deficit and of an increasing short-term external debt. The domestic financial system is currently under pressure from international financial turbulences and the risks of a financial collapse are growing. The decrease of the financial fireworks with public money led to a greater importance given to the fiscal system. Generaly, the need to seek new funding sources and an increasing attention to how public money is spent, were felt. An important role in Romania's economic recovery and thus in overcoming the adverse effects of the crisis is held both by external funding sources and by the effort of the state institutions to attract local and national new sources of finance in the context of intelligent management of monetary resources available to them. The purpose of this work is to give readers a quick view on some of the measures taken at the community's level to combat the effects of the global financial crisis, as well as on the main structural tools that are used at European level to ensure uniform development of EU's regions by reducing disparities between regions, the context in which local authorities are responsible for attracting and managing financial instruments allocated for this purpose.

Keywords: economic crisis; funding instruments; economic recovery plan; public administration/local government; European funds; public finances. (search for similar items in EconPapers)
Date: 2009
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