EFFECTS OF THE CURRENT WORLD CRISIS ON ROMANIAN ECONOMY

The world economy is different today than it was even ten years ago. Increasing economic and financial integration has produced a much more interdependent world. As a result, an increasing number of countries have the ability, through their policy action or inaction, to influence economic and financial developments far beyond their own borders--sometimes for the better, as in the early 1990s when the dynamism of developing countries helped cushion the effects of successive downturns in industrial economies, and sometimes for the worse, as is now the case.