ISSN 2167-0439
International Journal of Management and Business Studies ISSN 2167-0439 Vol. 9 (5), pp. 001-008, May, 2019. © International Scholars Journals
Review
Romania and Greece: Together or alone against the present global crisis
Ionescu Romeo
Dunarea de Jos University, Domneasca Street no.111, Galatz, Romania. E-mail: [email protected].
Accepted 08 January, 2019
Abstract
The fiasco of the Lisbon Agenda and the latest EU Agenda 2020 are the main European political effects of the present global crisis. The paper analysed the effects of the global crisis on Greece and Romania because these countries have a lot of common historical, cultural and socio-economic characteristics and they became the greatest socio-economic problem for the EU27. As a result, was realised a comparative analysis connected to macroeconomic indicators during 2004 to 2010, using a neutral database, as Eurostat. We used this comparative analysis in order to highlight that the adhering to the EU was not able to solve the socio-economic difficulties of the member states. In order to support the analysis, the paper used GDP, investment, consumption, unemployment and inflation rates, foreign debt and other important indicators which gave the idea that the problems of these two countries are the same. A distinct part of the paper deals with the differences between Greece and Romania connected to socio -economic problems. But these common and different problems of these two countries had the same solution: a major foreign credit which had approximately 25 billion Euros from everyone. The main conclusion of the paper was that of the necessity of a new approach about the Euro area and the European Cohesion Policy. The paradox was that this conclusion came from a comparative analysis of two countries which have a different position inside the EU: Greece is a member of the Euro area and Romania wants to adhere here in 2014 to 2016. The ideas from this paper were supported by pertinent diagrams and tables.
Key words: Trade balance, unemployment, GDP, fiscal policy, foreign credit.