Research
Project Management of Romanias Transition to Euro: Insights, Solutions, Cost-Benefit Analysis
This paper addresses a pressing topic of present times on Romania’s need to fulfill the European integration objective, namely to adopt the single European currency, euro. This paper addresses several key aspects of the economic context and then, based on reliable data, analyzes the stage of completion of the criteria of nominal convergence viewed from two perspectives. One perspective is on the absolute completion of these criteria and another from a relative completion, with reference to the percentage of effectiveness for achieving the criteria. Although this second method is not mentioned in EU’s operating documents or in the accession and integration documents, we believe that, theoretically, it can be taken into account and may be an argument in favor of taking a political decision to accelerate Romania’s transition to the single European currency. The paper discusses the advantages and disadvantages of the transition to the euro currency, the courses of action for this transition and some conclusions and suggestions. The paper highlights the advantages and benefits of a rapid changeover, the costs of delaying this process, the forces that can put it in a firmer motion.
Some Considerations on the Underlying Need to Reform the Current International Monetary System
This paper addresses a pressing current topic on the International Monetary System (IMS) and the need for its fundamental reform. In principle, at present, this need for reform is agreed by all specialists and more and more of those who govern the world's countries. The paper presents the main vulnerabilities of SMI, some aspects of his background, a review of several papers, a brief critical analysis of IMS and some proposals and conclusions which the authors deem useful. The novelty the paper brings concerns the design of a new currency of international reserve and also the proposal the for the issuance and surveillance of its use should be formed a new entity that has the role of the Central Bank but worldwide. The idea of such an entity is not completely new but almost all experts, probably under routine, attributes the regulation, coordination and control roles of the new SMI, to the International Monetary Fund which has had and still has yet another determining role in the functioning of the current SMI. Or, as seen, the IMF failed to maintain an efficiently functional IMF that would fulfill the role and mission that have been attributed to its creators. Nor will it be done in the future and that is because IMF is not and can not be a neutral entity in relation to the globalized banking system, with the world governments and monetary funds users. The authors advocate the establishment of a superorganizational, even a superguvernamental entity that has to coordinate, monitor and control all the central banks of SMI members.
