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Special Graduate Schools
Graduate School of International Studies
Department of International Business
International Business
3. Theses(Master)
HOW ROMANIAN ECONOMY SHOULD RESPOND TO EUROPEAN UNION CHALLENGES - CASE STUDY -
- Alternative Title
- Valentin Ionut LAZAR
- Author(s)
- Lazar,Valentin
- Alternative Author(s)
- Valentin Ionut LAZAR
- Advisor
- 이덕헌
- Department
- 국제대학원 국제경영학과
- Publisher
- The Graduate School, Ajou University
- Publication Year
- 2007-08
- Language
- eng
- Keyword
- International Business; Rumania
- Alternative Abstract
- Romania has joined European Union at 2007, January 1st. Why do they bring Romania to the club? The European Commission says the Romania？s rapid growth and highly motivated work force will be an asset for the EU economy. It also says that Romania can shape the EU？s foreign and security policy. It is an important step already taken by European Union and Romania after several years of negotiations. In the previous years, Romania has been trying to adapt its economy to a market economy by doing many reforms in order to fulfill the European Union requirements. Is Romania really ready for membership? Officials at the European Commission have been quoted as saying that Romania is not really ready, but delaying accession may not be the best way to encourage further reforms. The goal of this research is to find out if Romanian economy was able to fully change its planned economy to a market economy on the transition road to face the new challenges of European Union market and if the FDI had a significant role. The research shows the difficulties that Romania faced to attract FDI during the transition period due to a poor legislative framework and the correlation between FDI and GDP growth, FDI and trade (exports/imports). Foreign Direct Investment had a significant role in transforming a planned economy into a market one and it is the promoter of increasing the competitiveness of Romanian economy into European market. Since 2006 and probably till 2009 Romania is the most attractive FDI destination in South East Europe. This actually hides a problem - Romania was the slowest regarding reforms and privatization among the countries that already have joined European Union and other countries in the region. By joining European Union, Romania took a serious step in acceleration of developing but it needs decades to reach the average of European economies. If Romania wouldn？t join EU in 2007 it could be farther behind. Now, it depends on the ability to attract more FDI, the capacity of absorption as much as possible of European funds and the most important thing to use them in the efficient way in order to build a competitive economy to face the European challenges.
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