European Monetary Union

Author:Adrian Constantinescu - Liliana Aurora Constantinescu - Alexandra Dumitrescu
Position:PhD Student, 'Lucian Blaga' University of Sibiu, Faculty of Economic Science, Romania - Professor, PhD, Dimitrie Cantemir University, Faculty of Economic and Sciences, Romania - Phd.Student, 'Lucian Blaga' University of Sibiu, Faculty of Economic Sciences, Romania
Pages:180-185
SUMMARY

The following paper represents a summary of the main challenges that Romania is facing regarding the accession to the eurozone... (see full summary)

 
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European Integration -
Realities a
180
Eu
Adrian
Constantinescu
1
, Lil
Abstract: The following
paper rep
regarding
the accession to the euroz
intensely debated topic.
Policy make
are being taken in order to ac
hieve
Studying the pre paration of the Rom
Union is of great importan
major regime change, as the monet
given by benefits, but such a change
Keywords: Monetary Union;
conver
JEL Classification:
E42; E52
1.
Introduction
The government confirmed its intent
the possibility that euro-adop
tion
European Union, except Denmark an
euro area. To do this, they must mee
All
EU Member States are part of t
their economic policies for the bene
in the euro area –
only those having
Of the Member States outside the e
joining for reasons of economic sove
Sweden is not yet in the euro area
legislation and it does not meet the c
Mechanism (ERM II). However, u
remaining non-
participating Member
launched.
At the time of their acces
therefore their Treaties of Accessio
Member States with a “derogation
1
PhD Student, “Lucian Blaga” Univ
ersity
Street, No. 17, Sibiu, Romania, Tel.:. +40-
(2
2
Professor, PhD,
Dimitrie Cantemir Univer
Bucharest 030134, Romania, Tel.: +4
021 33
3
Phd.Student, “Lucian Blaga”
University
Street, No. 17, Sibiu, Romania. Tel.:. +40-
(2
All three authors had equal contribution on e
es and Perspectives
European Monetary Union
Liliana
-Aurora
Constantinescu
2
, Alexandra
Du
represents a summ
ary of the main challenges that
Romania is
ozone.
The adoption of the single currency in Romania is a natio
akers have set the yea r 20
20 for the completio
n of this process, so
ve the economic and monetary
conditions needed t
o join the euro
omanian economy for the in
tegration into the Economic
and Mo
the economic and
political environment as well as the academic o
netary unification, is clearly made when there are strong motiv
ge involves costs, risks and difficulties.
vergence criteria
; national target; euro adoption
ention to adopt the euro in 2020. The official target da
n could be delayed from until 2020.
All Member
and the United Kingdom, are required to adopt the eu
eet certain conditions known as
convergence criteria
f the Economic and Monetary Union, which means th
nefit of the EU as a whole. However, not all EU Mem
g adopted the euro are members
of the euro area.
e euro area, Denmark and the United Kingdom have
overeignty. These two countries can join in the future if
rea,
as it has not made the necessary changes to its
e convergence criterion related to participation in the E
r, under the Treaty, Sweden is required to adopt
ber States acceded to the Union in 2004 and 2007, afte
cession, they did not meet the
conditions for entry to
sion allow them time
to make the necessary adjustme
, as is Sweden. These Member States have commi
ity of Sibiu, Faculty of Economic Science, Romania
.
(269) 21.03.75
. E-mail: adicon85@yahoo.com.
versity
, Faculty of Economic and Sciences, Romania.
Address:
330 8931
. E-mail: ilianauroracon@yahoo.com.
ty of Sibiu, Faculty of Economic Science
s, Romania.
(269) 21.03.75
. Corresponding author:
alexandra_d_c@yahoo.com
n elaborating the paper
.
2013
Dumitrescu
3
is facing
tio
nwide
, so
steps
urozone.
onetary
c one.
A
tivations
date leaves open
er States of the
euro and join the
ia
”.
s they coordinate
ember States are
e 'opt
-outs' from
e if they so wish.
its central bank
e Exchange Rate
t the euro.
The
fter the euro was
to the euro area,
ments
– they are
mitted to joining
s: Calea Dumbravii
s:
Splaiul Unirii 176
s: Calea Dumbravii
com
.

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