The European Funds, Risk and Challenge for Managers

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

The absorption 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... (see full summary)

 
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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.

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