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The economic crisis is still evolving, at least from the point of view of some features making the entire process of its reversing very difficult - uncertainties, confusions and lack of investors` trust. More then that, every rim of the Atlantic Ocean has its own opinion as to the timing of the exit stimulus measures. There are prevailing risks taken into consideration when we talk about the next stage of the economic growth e.g. its sustainability on a log run or inflaming the inflation. It is for sure, that according to the core economic policies practiced either in USA or Europe, in Europe what count most is the danger of the inflation, if the right time of stopping the flood of the governmental funds to the real economy is not well chosen. The economic situation in Europe, as all over the world, in spite of some signs that the economy is on the right track ( South East Asia, USA or Germany), there are a lot of doubts as to the assurance that recession is over and there is no way for an immediate return. Notabilities in economics see that governmental intervention should be continued, just because the economic growth consigned by statistics is not convincing. Convictions, if they exist, are blended with a lot of obsessions which in my opinion are making up a serious agenda of the debates in Europe: budgetary deficit in excess, danger of the inflation, new regulation of the financial sector, credibility of the euro zone. Romania has to be involved in all these debates as it is passing through all the mentioned difficulties which need solutions within the frame of European standards, as a member of the EU.

Since the end of the Cold War, Russia has retained world's special attention as a key vector for both global and European security. While the energetic link is undeniable the backbone for EU-Russia relations, the sanctions game prove to be a stone corner for redefining not only the course of bilateral relations but the future of European security. In view of the new realities shaped by this rough geo-political game, our article aims to bring forward some essential issues for the new coordinates of European security, while highlighting both the challenges and opportunities brought by the current international framework. Our assumptions are based not only on core strategic European documents, but also on the latest transformations induced by Russian foreign strategy and by the international sanctions imposition. Also, it is our opinion that while the bilateral dimension of EU - Russia relations is important in itself, special attention ought to be paid to more general matters concerning the current global situation and issues of the emerging new world order that took place during the last G-20 summit. The heightened interest in those topics is understandable, because EU - Russia relations are not developing in a vacuum, and the dynamics and prospects of these relations are largely contingent on the global political and economic situation as a whole. Perhaps the most relevant conclusion for the future of Russia and EU relations has been highlighted by French President Emanuel Macron who concluded that Russia is considered a deeply European country, while he personally believe in a Europe, which extends from Lisbon to Vladivostok. It is on this positive note that we can affirm that a new architecture of security and trust between Russia and the European Union is needed, while undoubtedly both France and Germany, as joint leaders of Europe, will have to play an important role in this process. [ABSTRACT FROM AUTHOR]

This paper aims to present an image of the main economic and social indicators of Romania in the perspective of 2040. Its purpose is to set possible targets according to the real potential of the Romanian economy in order to create a viable long-term development strategy. Our analysis starts from the current situation of Romania - the insufficiently structured economy, burdened by the existing development gaps compared to other EU member states, while aiming to expose a series of hypotheses regarding Romania's future European path. The paper will also highlight other important topic for the future development of Romania: the evolution of population, overcoming divergences between the state and markets, the impact of adopting the euro, the impact of shifting power balances between the main developed economies, as well as the possible consequences of EU's future enlargements. From a methodological perspective, the forecasts were based on previous evolutions of indicators, using the extrapolation method. The last part of the paper contains a series of recommendations for policy-makers. [ABSTRACT FROM AUTHOR]

Security in the Black Sea Area is becoming an issue of increasing interest nowadays, not only for coastal countries, but also for NATO. It is obvious that for the coastal countries security is an issue of a vital importance especially considering the protection they need against the aggressively actions taken by Russia (having in mind the military actions conducted in the Eastern and Southeast Ukraine that followed the Russian annexation of Crimea). While in the literature in the field security issues in the Black Sea region are so far primarily discussed in military terms, it is our believe that for finding a new equilibrium in the region an economic analysis of the existing situation would be necessary in order to expose the cooperation interest for the coastal countries thus enable them to build a proper security environment. In the case of Romania, some references are devoted to two counties, Constanţa and Tulcea, where a new approach for an economic synergy is to be considered as an immediate tusk. [ABSTRACT FROM AUTHOR]

We are currently witnessing a change in the financial system in the world, in the context of the emergence of over 850 virtual coins, coins that are not regulated at national and European level. Yet authorities like European Central Bank, International Monetary Fund, Bank for International Settlements, etc. have published several reports that have highlighted the risks of using such virtual currencies. Considering the context in which these virtual currencies have been issued, at the European level, there is the intention that virtual money to be regulated from the point of view of money laundering or terrorist financing by amending Directive (EU) 2015/849 of the European Parliament and of the Council on the prevention of the use of the financial system for the purpose of laundering money or terrorism financing. To this end, the European Central Bank (ECB) gave its opinion on the proposal for a directive of the European Parliament and of the Council amending Directive (EU) 2015/849 on prevention of the use of the financial system for the purpose of laundering Money or terrorism financing, and amending Directive 2009/101 / EC. The present paper aims at analysing the cryptocurrency issue in the context of current regulations. [ABSTRACT FROM AUTHOR]

Recently, the European Commission has drawn up a series of strategic documents regarding EU's future. What all those scenarios have in common is the highlighted need for reform in different key domains, while opening new possibilities for further cooperation among EU Member States. Our paper explores the main strategic approach that Romania must embrace for achieving its full potential as a European Member State, while pursuing its own objectives in terms of economic development. It is our opinion that as a full-fledged member of the EU Romania has to emphasize its position regarding the future of European Union. The present economic and political framework offers a narrow window of opportunity for Romania in terms of establishing its future, which in our opinion is closely linked with the one of a more powerful and democratic Union. Our analysis is based on a scenario approach related to the Romania's future in the "European common house". In our view the best way for Romania approach thisfuture is to adopt a strategy of cooperation that allows a rapid catching up with other advanced European economies under the principle "to do less together but more efficient" (scenario 4), while pursuing its ultimate objective: "do more together" (scenario 5). In order to actively contribute to building a stronger Europe able to face multiple challenges, both internal and external, Romania must reposition itself in a such a way that will allows it to be closer to the decision making process of the Union, while targeting its major future objective: to become a member of the Eurozone. This article is arguing that acquiring the status of Eurozone member will be beneficial for Romania, although in our final remarks we are highlighting both the advantages and the vulnerabilities of this statusquo. However, it is our strong belief that political will is essential for Romania's accession in the Eurozone, and therefore the establishing of a proper institutional framework is crucial for finally adopting the European single currency. [ABSTRACT FROM AUTHOR]

In the current geopolitical environment the "cold" relations between the European Union (EU) and the Russian Federation are not only the consequence of the mutual imposed sanctions after the Ukrainian crisis, but also a result of EU's increased influence in former Soviet space (especially through Baltic States integration and Eastern Partnership extension). Both Eastern Partnership and the Neighborhood Policy initiatives have bean considered as an imminent threat to the Russian hegemonic position in the former USSR member states. In our opinion the EU was not prepared to manage the relationship with Russian Federation in a pragmatic approach, hence in the post-Soviet Union era the Ukraine crisis has led to extreme tension between these two powers which reflected negatively on trade and diplomatic relations. Taking into consideration those realities, this paper presents a scenario analysis regarding the perspectives of the EU-Russian Federation relationship in the light of the impact of political and economical sanctions imposed after the Ukrainian crisis. Our research is based on a quantitative analysis of the two countries trade and FDI flows (before and post the Ukrainian crisis), but also on a qualitative approach based on the most relevant theories about international sanctions. [ABSTRACT FROM AUTHOR]

The authors present below a synthesis of a broader work, as a result of a 2011-2014 study made by the Institute of National Economy of the Romanian Academy. The authors aim at an analysis of a new paradigm of the post-crisis economy, trying to clarify the issue of the globalisation mechanisms in the financial-monetary domain. [ABSTRACT FROM AUTHOR]

The interventions done by central banks in order either to provide liquidity or to help the recovery of economic growth, during the lasting effects of the recent financial crisis, have again brought into the light the question how the monetary policy is serving the best a sustainable growth. Beyond the fact that in Europe, especially within the European System of Central Banks (ESCB), we still stack on the independent mandate of price stability connected with that of the financial stability, there still exists the propensity to think in a different way the contribution of a central bank to the stated issue through its monetary policy conduct. I think that we cannot compare National Bank of Romania's mandate with those of FED or other central banks issuing international reserve currency, but we also cannot totally neglect that between the monetary policy effects and the economic growth there is a link. The difference is that many believe that this has to be on purpose, e.g. the central banks instruments are ex ante calibrated for economic growth, while a correct approach is that the monetary policy conduct responding primarily to price stability is creating ex post the potential for a sustainable growth. Accepting that, we can start from financial stability to explain better how the monetary policy has a role in economic growth by not diluting the mandate and the independence of the central bank. [ABSTRACT FROM AUTHOR]

Thinking of what a global currency could be or represent -- an idea on which the authors have strong public opinions -- the question of the central banks' role and conduct during the last crisis has become not only complex but a changing one. As regards this latest process, we feel that we separate from something rational we have been used to, and it seems we undergo, as professionals, a hardly acceptable conversion. [ABSTRACT FROM AUTHOR]

Globalisation requires a transition based on an agenda of national priorities consistent at a world level, and the new international order should take over projects related to the planet. Since the lessons of history are always forgotten, no matter how much they are being debated in times of tensions just like now, one should take from the past at least the propensity of political leaders of the past for accuracy in any reasonable approach. [ABSTRACT FROM AUTHOR]