Silviu Cerna
Silviu Cerna
Economist, Professor, Ph.D., the West University of Timișoara, expert in monetary policy and banking systems
“Are Central Banks Literally Independent?”

“Are Central Banks Literally Independent?”

The independence of the central banks – mysterious or miraculous entities in the eyes of masses – is practically an inexhaustible topic for scholars-economists and political scientists, as well as for business-persons and policy-makers. Still, the ultimate bill-payer of all institutional settings and governance organizations is the consumer-citizen. For this character this bell (of the debate) tolls. More

No. 7-8, Sep.-Dec. 2017 2017


Romanian Stabilization in the 1920s and the Missing Gold Reserves

Romanian Stabilization in the 1920s and the Missing Gold Reserves

Despite ending the First World War as one of the victors and, as a consequence, having doubled its territory and population and reaching its political goal, i.e. the union of the territories with the majority of the Romanian population in the form of a national state, Greater Romania was, economically, severely affected by the war. According to certain estimates, the war has caused ROL 31 billion worth of damages (Romanian Leu). In addition, the war triggered the disruption of the economic activity, trade deficits in relations with foreign markets, financial chaos and inflation.  More

No. 7-8, Sep.-Dec. 2017 2017


Euro Adoption: Chance and Challenge for Romania

Euro Adoption: Chance and Challenge for Romania

Like the other Central and Eastern European countries, Romania committed itself to adopting the euro as soon as it will meet the necessary conditions. The candidates have, however, a considerably large margin of manoeuvre in determining the moment when they will adopt the euro. Especially two accession criteria to the Monetary Union – harmonization of the legal framework with the Eurozone standards and the prior participation in the European Exchange Rate Mechanism II (ERM) – are entirely under the sovereign control of the states. On the other hand, the institutions of the Eurozone have an important role in the euro adoption process, notably when it comes to assessing the extent to which a certain country is ready to participate in the ERM II. More

No. 5-6, May.-Aug. 2017 2017


Protectionism: “Fairness” Is the New “Freedom”

Protectionism: “Fairness” Is the New “Freedom”

Lately, the media and the Parliament have triggered debates on adopting protectionist measures: granting subsidies, “51% Romanian goods” quotas in supermarkets, restricting the selling of land to foreigners, closing large shops during the weekend, etc. The arguments rely on the need to support domestic capital, to secure food and/or energy, bailing out even loss making companies and avoiding unemployment. More

No. 2, Nov.-Dec. 2016 2016


The Banks in the Economy

The Banks in the Economy

The recent legislative initiative, called “Resolution Agency Law”, gave rise to intense discussions, which have not lacked in demagoguery and populist, anti-capitalist and anti-Western overtones. Beyond the latent dangers posed by the underlying substance of these tendencies, the major problem is that the project “may generate a systemic risk in the banking sector, inducing risks and endangering the financial sector stability with implications for the entire economy” (EC, Romania Country Report 2016, Brussels, 26.2.2016, p. 2-3). More

No. 1, Sep.-Oct. 2016 2016


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OEconomica No. 1, 2016