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

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

ce for the

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

.

Address:

(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.

Address:

(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

.