Impact of euro-area accession on fiscal and budgetary policy in Romania

Beginning with the traditional methods of cooperation between states, as of 1962, on the suggestion of the European Commission the grounds were set for a project of particular importance, respectively the achievement of the Economic and Monetary Union, a project that may be regarded as a modern approach of the European construction. Starting from this hypothesis, in the paper we have made an analysis of the outcomes achieved as result of the measures adopted by Romania in view of integration into the Euro-area, highlighting the special impact that this process generates on the national fiscal and budgetary policy, on the business and social environment at large. Yet, the Euro-area means "stability" and for maintaining it is necessary that the participants fulfil and maintain the targets established in the Maastricht Treaty, by instruments of fiscal-budgetary and monetary policy, as this justifies the comparative analysis of the development of earnings level and budgetary expenditures of Romania with the ones recorded in the European Union, by particularising the Euro-area, but also the analysis of budgetary prospects on medium- and long-term, realised in the present work. (C) 2012 Published by Elsevier Ltd. Selection and/or peer review under responsibility of Prof. Dr. Huseyin Arasli