Romania and the Euro Zone Integration

摘要

The motivation of this research is to identify the timing of accession to EMU in order to maximize the benefits resulting from the adoption of the euro by an analysis of nominal convergence criteria in correlation with the real convergence process. Goal of joining the EMU in 2015, currently supported by the Romanian authorities, seems ambitious both in terms of nominal convergence criteria but also in terms of the degree of real convergence. In terms of real convergence are not imposed any rules and there are no references in any document of the European Central Bank or the European Commission, but this should be seen at least as much attention as the nominal convergence criteria so that our economy can keep pace in the transition to the single currency, with the pace of European economies. Maastricht Treaty mentions indirectly that economic and social cohesion is needed to eliminate disparities between countries and regions. Targeting nominal convergence criteria are mandatory and explicit as to participate in a monetary union is essential primarily monetary harmonization of member countries. A very important fact shows that nominal convergence criteria must be met in a sustainable way, enabling their compliance medium and long term and do not achieve a certain level at a time.