Taming the Economic Crisis - a Stringent Necessity for Romania

Alexandru Salceanu ()
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Alexandru Salceanu: The Oil-Gas University of Ploiesti, Romania

Risk in Contemporary Economy, 2012, 357-362

Abstract: At the beginning of this century, the financial globalisation, reflected by the integration of capital markets, gained a positive effect by leading the resources to their most productive place, contributing at the same time to the development of poorer areas. However, in time, due to a set of disturbing factors that operated upon the financial and monetary market, there appeared fallouts, present since 2006-2008, that generated the global economic crisis which was reported by some more rational experts, but ignored by banks, businessmen, governments, etc. Today, this crisis acts powerfully, without any concrete signs of improvement and the actions that were taken have failed to mitigate its negative consequences. In this case Romania, respecting the European and global context, must act through the determined effort of all actors of the economic environment in order to overcome this situation, by the improvement of natural resources (particularly agricultural), the growth of absorption of the European funds, the increment of foreign direct investments, the increment of competitiveness, reducing unemployment, reforming the administrative system which is too expensive under current circumstances. This challenge can be done if we bear in mind that during these years of crisis Poland has succeeded in achieving economic growth using concrete measures and leaving aside group interests.

Keywords: unregulated finances; disturbing factors; financial globalization; out of the crisis; harmonized measures; public debt; fiscal consolidation (search for similar items in EconPapers)
Date: 2012
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