Romania’s European Moment: Reflections on the Common Future

Napoleon Pop, Valeriu Ioan-Franc and Andreea-Emanuela Drăgoi (andreeadragoi@iem.ro)
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Andreea-Emanuela Drăgoi: Institute for World Economy, Romanian Academy ROMANIA

Global Economic Observer, 2017, vol. 5, issue 2, 79-89

Abstract: Recently, the European Commission has drawn up a series of strategic documents regarding EU’s future. What all those scenarios have in common is the highlighted need for reform in different key domains, while opening new possibilities for further cooperation among EU Member States. Our paper explores the main strategic approach that Romania must embrace for achieving its full potential as a European Member State, while pursuing its own objectives in terms of economic development. It is our opinion that as a full-fledged member of the EU Romania has to emphasize its position regarding the future of European Union. The present economic and political framework offers a narrow window of opportunity for Romania in terms of establishing its future, which in our opinion is closely linked with the one of a more powerful and democratic Union. Our analysis is based on a scenario approach related to the Romania’s future in the “European common house”. In our view the best way for Romania approach thisfuture is to adopt a strategy of cooperation that allows a rapid catching up with other advanced European economies under the principle “to do less together but more efficient” (scenario 4), while pursuing its ultimate objective: “do more together” (scenario 5). In order to actively contribute to building a stronger Europe able to face multiple challenges, both internal and external, Romania must reposition itself in a such a way that will allows it to be closer to the decision making process of the Union, while targeting its major future objective: to become a member of the Eurozone. This article is arguing that acquiring the status of Eurozone member will be beneficial for Romania, although in our final remarks we are highlighting both the advantages and the vulnerabilities of this status-quo. However, it is our strong belief that political will is essential for Romania’s accession in the Eurozone, and therefore the establishing of a proper institutional framework is crucial for finally adopting the European single currency.

Keywords: European Union; Eurozone; Romania; economic development; European single currency (search for similar items in EconPapers)
JEL-codes: E E32 E42 F F02 (search for similar items in EconPapers)
Date: 2017-12
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