DEVELOPMENTS IN ENTERPRISES'ACCESS TO FINANCE ACROSS EURO AREA COUNTRIES AND ROMANIA

The global financial crisis affected Europe in 2008 and one of the negative effect was the drastic reduce in volume of the granted credit to non-financial enterprises. Since 2010 has been started a gradual recovery of European economy with differences between developments pace across European countries. The euro zone countries developed more rapidly than the European Union countries situated in central and Eastern Europe. Regarding the credit growth their level remain subdued in most emerging European economies and especially in Romania comparative with developed economies from Euro Area. In order to have a better evidence and understanding of the problems faced by firms regarding the access to finance from banks and other institutions the European policy-makers decided to start a research on the access to finance of enterprises. In Euro Zone, the survey started in 2008 and in Romania started in 2013. The surveys' results will help to shape policy decisions made by the European Commission and the European Central Bank for Euro Zone and by the National Bank of Romania for Romanian banking system. The surveys showed that Euro Area firms rely more on external sources of financing (mainly credit loans) than on internal financing sources. On the other hand the Romanian' enterprises used for financing their activity internal funds in detriment of external sources of financing.