Silviu Cerna
Silviu Cerna
Economist, Professor, Ph.D., the West University of Timișoara, expert in monetary policy and banking systems
Economic Sovereignty: Between Slogans and Realities

Economic Sovereignty: Between Slogans and Realities

In the speeches of some politicians and in the writings of some Romanian journalists and economists, the slogan of economic sovereignty is often present. The economic conception expressed by this phrase is obviously inspired by the xenophobic-autarchic model of the Communist economy, but it is also reminiscent of the “Through Ourselves” policy applied in the interwar period. In order to be economically independent, Romania must come out of the world in one way or another! The problem is that in the face of globalization, leaving the world can have serious consequences. Ultimately, autarky means reducing imports and limiting foreign capital inflows, which impedes economic development and makes economic sovereignty impossible.  More


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


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


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


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