The European Funds, Risk and Challenge for Managers

• Author: Manuela Panaitescu, Mariana Trandafir
• Pages: 294-299

European Integration - Realities and Perspectives. Proceedings 2016

294

The European Funds, Risk and Challenge for Managers

Manuela Panaitescu1, Mariana Trandafir2

Abstract: The absorp tion of EU funds represents for Romania a chance to recovering from the social and

economic gaps and to become a competitive state in relation to other Member States of the European

Union. The management ability of European funds is closely related to the low rate of their absorption. This

has resulted in the risk of de-commitment of unused amounts by Romania at the end of the funding period.

Keywords: Management; Economic Development; EU funds

JEL Classification: F15; O10

1. Introduction

The European funds are one of the solutions to reducing economic and social disparities compared to

the developed countries in the European Union. However, some managers, partly due to the relatively

low level of information related to the opportunities offered by the European funds, do not use this

form of financing.

2. The Funds Available for the Programming Period 2014-2020

Structural Funds and Investment (ESIS) through which the EU supports strengthening the economic,

social and territorial cohesion are: European Regional Development Fund (ERDF), European Social

Fund (ESF) and the Cohesion Fund, the European Agricultural Fund for Rural Development (EAFRD)

and the European fisheries and maritime Affairs (EFMA).

At European level, the European Commission drafted the Europe 2020 Strategy and the draft

regulations for 2014-2020, establishing the general framework of the investment priorities. The

Regional Development Plan 2014-2020 was developed in conjunction with the investment priorities of

the Proposal for a Regulation of the European Parliament on investment for economic growth and

employment. They consider the following 11 thematic objectives:

- strengthening research, technological development and innovation;

- Improving access, use and growth of the ICT quality;

- Improving the competitiveness of SMEs;

- Supporting the shift towards an economy with low- carbon dioxide emissions in all sectors;

1 Senior Lecturer, PhD, Danubius University o f Galati, Faculty of Economic Sciences, Romania, Address: 3 Galat i Blvd.,

Galati, Romania, Tel. +40372361102, Fax. +40372361290, Corresponding author: manuelapanaitescu@univ-danubius.ro.

2 Associate Professor, Phd, Danubius University of Galati, Facult y of Economic Sciences, Romania, Address: 3 Galati Blvd.,

Galati, Romania, Tel.: +40372361102, Fax. +40372361290, E-mail: marianatrandafir@univ-danubius.ro.