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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.

The reflection from the motto of the article, more necessary than ever, belongs to a Romanian economist, very active and sometimes controversial, who took the initiative of uttering a truth that can no longer be avoided. A truth that we approach in our article, encouraged by the recent opus of John Komlos "The principle of the economy in a post-crisis world" (Romanian Academy, The National Institute for Economic Research "Costin C. Kiriţescu", The Center for Economic Information and Documentation, 2019). It is more and more obvious that the changing world can deny the old approaches, as the success of the "new normal" will, by and large, depend on the liberation from theoretical traps, many of which confirmed by the empirical studies on current realities. [ABSTRACT FROM AUTHOR]

Since the end of World War II, Russia has established itself as great powers whose foreign policy decisions has had and have a decisive impact on the security of Europe. Although energy trade remains undoubtedly the most important aspect of relations between Russia and the EU, it should be noted that, at present, the reciprocal sanctions imposed after the Ukrainian crisis redefine the future course of bilateral relations, while also having possible implications and on European security. Taking into account the new realities that define the geopolitical game between the EU and Russia, our article aims to expose and analyze some aspects essential to the new coordinates of European security, while highlighting the challenges and opportunities generated by the current international context. What for other countries is convergence and divergence, in the field of security Russia manifests flux and ebb, between malleability, inflexibility and even aggression. In our argument we will use not only European documents of strategic importance, but we will also expose the latest transformations generated by the new approach of Russian foreign policy regarding sanctions imposed by the international community. Although EU-Russia bilateral relations remain a pillar of European security, the implications of the overall global context, such as the issues surrounding the consequences of the G-20 Summit decisions on the New World Order, should not be neglected. The general interest in the topics of the global agenda of international relations is high, especially as the relations between the EU and Russia do not unfold in a vacuum, but they depend decisively on the dynamics and perspectives of world politics and economy, and this reality generates so many opportunities, as well as challenges for both parties, with the potential to reduce or increase the external risks for each major economic player globally. [ABSTRACT FROM AUTHOR]

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]

The authors view about the future of Romania is strongly linked to the strengthening of the European political project as it is defi ned by the EU, according to ideas of the European Commission President, J. C. Juncker, related to “Union of values”, “a stronger Union” and “a more democratic Union”. At the same time, Romania should follow the “more Europe, together with us” principle in order to sit at the table of decisions that concern it, in a more structured Union. In this idea the authors believe that a new political consensus needs to be achieved at national level, allowing a real contribution of the Romanian state to the resettlement process of the European Union. Such a Romanian contribution should be made within the Union, at the level of its decision-making nucleus, and by the assumption by Romania, now and not later, of the costs that would diminish its road to security and welfare. From this perspective, the integration in the Euro zone must be seen as an instrument/vehicle and not as an end in itself. [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]

According to the most recent analyzes of international organizations1, in 2017, the Russian Federation's economy is heading for economic recovery, mainly due to the stabilization of the crude oil price, although at a low historical level, a more favorable ruble course and a tax consolidation reforms undertaken by the authorities. In our article we propose an analysis of the main factors for the evolution of Russia’s economy (internal as well as external), highlighting the main challenges faced by Russian authorities in the current international geo-political context, where Russia manifests itself actively, convenient or inconvenient. This reality causes reactions from the other political actors, with the question of finding a model of global partnership with the engagement of Russia and not its isolation. [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]

The establishment created and consolidated by global governance has affected the very democracy: a model of capitalism that produces results reveals an increasing political pressure that causes a relatively perpetual crises, just as it happens now. The crisis implies accumulation of major and profound contradictions, and the social effects of the capitalist model reaching a blow up level are politically dangerous. The governance after 2008 has led - by liberalisation, deregulation and monetarism - to some "normality" of permanent austerity, now unbearable. Social inequalities, unemployment, cultural changes (caused by migrants and refugees), the failure to preserve (at least) the present standard of living - even in developed countries - cannot any longer be concealed and justified by the present direction of some public policies. The sluggishness of the reforms made by the present political environment in order to make difficulties bearable by the social has revived the radical politicians, who (by criticizing the establishment) have challenged the entire system of governance and many voters have joined this right-wing radicalism. Our study is an approach to the general theme on Romania in globalisation - experience, present and future - within the research programme carried out by the "Costin C. Kiriţescu" National Institute for Economic Research, the Romanian Academy. [ABSTRACT FROM AUTHOR]

The core of the economic determinism of the security - in the broadest sense - has not changed over time, regardless of the economic model practiced by humans. History has studied the evolution of how this determinism was perceived and understood, and about the evolution of the role that it has played over time. The most important thing however was how the man to use these advantages provided by this determinism to promote the interests of power, supported by a level of societal development. Durability of economic determinism in the security applies to the phenomenon of globalization, which is an expression of continuity in search of opportunities obviously for those who can afford it. In this context, the author defi nes statements on key news this correlation and, given the reality of nation-states, concludes that economic status achieved usually by own effort (national) that provide comfort / human civilization stage their own citizens under Tier development must be defended against those who they want for free through any kind of conquest. Mankind chose any idea to become a tool for materialization of knowledge for the benefi t of her needs money. Real money, a fi ction work, only those who are properly measures the added value of human labor. This value only occurs within what we call the real economy. [ABSTRACT FROM AUTHOR]

After the beginning of the Ukrainian crisis, Russian Federation faced a series of international sanctions aimed to change its policy toward Ukraine. Two years after this major international event, our research proposes to present the impact on Russian economy and on the EU-Russian Federation relationship (in terms of trade, FDI and capital outfl ows) and to critical evaluate the effectiveness of such sanctions. Our assessment will take into consideration the main approaches from the literature in the fi eld (sanctions theory), also highlighting the appropriateness of such measures against Russian Federation in the current geopolitical framework. Our analysis will base its assumptions on factors such as the depreciation of the rouble and the weakened trade between Russian Federation and European Union. Considering the international economic climate, our research will highlight to what extent the mutual sanctions must be prolonged, scrutinizing if the involved parties need to consider some exit strategies, in order to minimize the risks for all them. [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 European present is a perpetually conflicting past, remodelled for the future. A break in history causes a repetition in the worst form. Speaking about time and times when shocking events take place - both for the British and the Romanians - we should first consider the evolution of the human rights. In these hard times, when Brexit is only a symptom of the centrifugal forces within the European Union, we should first observe the European values. There is always a need for intelligent development within the social/political system. The similarity between Brexit and the Romanian refundment law is shown by the nature of the symptom of protection, by the neglection of the fundamental values that require rules of living together. [ABSTRACT FROM AUTHOR]

The annual meeting of Davos World Economic Forum, edition 2016, was centered on the need for mastering the effects of the so-called Fourth Industrial Revolution, consisting in the fusion of technologies that blur the lines between the physical, digital and biological spheres. The core of the debate is the presentation of the executive president of the World Economic Forum, Klaus Schwab, containing a number of comments about the scale and impact of the new technologicol revolution on society. [ABSTRACT FROM AUTHOR]

The emergence of China on the international stage as a global economic player involves geopolitical and geostrategic changes. From this point of view, the comprehensive Strategic Partnership between EU and China could be one of the most important element that will redefi ne the economic international relations in the next decade. Relevant in this regard can be considered a series of initiatives such as “The Investment Plan for Europe“, “The Silk Road Economic Belt“ and “The Maritime Silk Road for the XXIst Century (A Belt, a Road)“. On the other hand, we have to take into account the fact that the evolution of the Strategic Partnership between EU and China is characterized by some mutual sensitivies that can be overcomed only be carefully negotiated compromises. [ABSTRACT FROM AUTHOR]

The full paper ("Romania's Europenisation - An academic research endeavor") presented by the authors at the 14th Session of the Interacademic International Seminar Penser l?Europe, in October 2015, at the Romanian Academy, Bucharest. The authors briefly review Romania's steps towards the accession to the European Union and reveal a significant feature: the contribution of the academic research to define the stages of the action, the strategic objectives and raising the awareness of the undisputable advantages of the accession. The results of this academic endeavor were the politically assumed and changed into specific actions for the negotiation of Romania's accession to the EU on the 1st of January, 2007. [ABSTRACT FROM AUTHOR]

This paper analyzes the impact of the sovereign debts on the European security from the perspective of the present economic and political situation in Europe. Under the pressure of the numerous effects of the financial crisis, the EU member states seem insensible to the fact that Europe is almost facing a catastrophe, which was already experienced some decades ago, but with the difference that nowadays we have better instruments to negotiate and to prevent the worst case scenario. In this context, we are surprised to see that the EU member states are ignoring EU main principles - cohesion and solidarity -, which were the fundament of the European integration political project, when they are to solve the most difficult problems. If we analyze the Greece crisis only from a pure economic perspective, the constraints that the EU is imposing to Athens seem to be a big mistake, which can predict a difficult future. If some high ranking politicians in the EU see as a catastrophe a third bailout for Greece, this situation announces the risk which is threatening the efforts and hopes invested in the peace of Europe. Greece crisis is the symptom of the numerous mistakes made by the European governance, given that the European political spectre is mainly occupied by radical and not by democratic parties. More than that, the process of a country indebting stays on the economic rules imposed by the EU. [ABSTRACT FROM AUTHOR]

During the recent years, a number of EU internal and external factors, associated with a threefold failure - that of markets, institutions and economic governance - have contributed to heightened risks, uncertainties and vulnerabilities and thus the propagation of long-lasting tensions inside the EU and also in its relationship with first-rate partners. Taking into account that chronic deficiencies in governance reside in non-observance of the spirit of the clauses included in treaties and these generate a reality of the European integration more committed to solving the current issues - and, consequently, the loss of the compass of the European political project - than implementation of a strategic vision, the present paper has three major objectives. The first one is given by outlining the principles of resetting the strategic vision of the EU, in the actual global and European context. The second one is attached to identifying the determinants leading to resetting the EU strategic vision. The third one resides in emphasizing possible ways in which the EU strategic thinking can be readjusted by taking into consideration Romania's national interests, given that our country is preparing to take over the rotating Presidency of the EU Council in 2019. [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]

The extensive effect of the present prolonged financial crisis should be considered as one of the multifaceted process of globalization, as a very large framework of the today's world. It includes everything a society implies: social, economic, politics, military and strategic security issues. In my opinion as an economist, having however a PhD diploma in international affairs, the last crisis in the most large sense is a kind of continuation of the openings done with the bankruptcy of the communism. Slowly, all the existing terms of the Cold War equation were going to be arranged differently, in the pace of the extension democratic values and market economy on larger territories. That means that the security issues are not frozen, on contrary they are very dynamic, just because the equilibrium in economic power is changing fast. Globalization brought both difficulties and new challenges as signals that the entire world has to evolve to cope with the new transformations on site. The planet is more populated, there are a lot of strenuous economic and social problems which need to be mended in due time, not creating supplementary pressures on the global security being itself in change, as many other strong actors are arising side by side with the traditional ones. Globalization needs to keep the pace with good responses from the side of all the countries, the latest crisis putting in front of all of us the challenge for a new concept of global cooperation in every respect, taking not as granted both challenges and opportunities. To turn them into account nationally and internationally means to prepare yourself for standing positions for the construction of new international order which is already underway and to want to be an active part of it and not to wake up seeing that you have been marginalized. We need good new national strategies in all fields, the security one not to be missed beyond the fact that Romania is a NATO member and a EU member. I do believe that we have to be contributors for fostering the new international order, not only for our sake but also due to the fact that even others are waiting for our ideas. The sooner the better! There have been more than 20 years since the world effaced a partition which was the result of a probably justified compromise at the end of the World War I, a partition which today is even more difficult to understand. There is a saying that man ties and unties confirmed by the hardly imaginable speed which effaced the above mentioned partition. The pending question that arises here is whether the compromise at the end of the World War II implied a strategy and whose strategy it was and whether the actors of the compromise were the same with those of the strategy or were simple performers. The same question is valid for the year 1989. What followed as a „democratic progress" taking a 180 degrees turn in the Eastern Europe as compared to Western Europe, seems hardly to believe as having been possible after so many frozen decades. But maybe we should ask ourselves how necessary it was at that moment. Understanding the strategic and security considerations with their own peculiarities substitutes the controversial and complicated historical explanations which might never be thrown light upon. Maybe we should admit that in the immediate post-war European evolution there were no other possibilities, there were no favorable conditions, that the personalities of the time were too powerful to be able to face their own obsession concerning the spheres of influence. One should read about Europe's partition in time typology. It is even more difficult to understand why somebody's progress was conditioned by somebody else's regress or why more progress and prosperity should have been instrumental to the radical change that had to happen sometime in the benefit of others We could imagine a simple scenario. In someone's authoritarian obsession, it didn't matter the person who disappeared, but the justification of the wrong orientation of the authoritarian built-in system. Perhaps the latter was necessary as a contrast model that was meant to better highlight the "power of example"; here one should understand the evolution of the western political and economic democracy including the Federal Republic of Germany as showcase for East Germany. On the other hand, talking about the communist system, I mentioned the socialist showcase represented by the Democratic Republic of Germany to the Occident. On both sides though, there was an understanding that the "power of example" took time to be convincing. A convincing sustainability of any process is only that which manifests itself in the long run, even if it implies enormous sacrifices, something which had happened in the scenario presented. We may also think of another possibility, inspired by the way of constructing a part of post-war Europe. The devastation left behind by World War II had to be managed in such a way that it would not allow another major conflagration begin, which would bring about of one of the bloodiest centuries in history, claiming unimaginable progress of civilization which was in deep contrast with the horrors that were done. The initial conditions were not to be repeated. They refer to the controlled access to steel and atomic energy and to the issue of post war famine spectrum in Western Europe. The Marshall Plan, as we know it, was not accepted by Stalin and implicitly by the new satellite countries which were to constitute the socialist camp. What they wanted, what was accepted, which was the strategic scenario to be followed, everything cleared up in the post war international order. At a distance of 60 years from the division of Europe and 20 years after its "reunification", a huge financial crisis brings on the verge of a new international order. The regrouping inside the great economic powers - old, new and emerging - shows that 1989 was only the necessary prerequisite for achieving this. You can make any comparisons and speculations on the management of the devastating effects of the recent financial crisis and its repercussions on the real economy of many countries, the developed countries being not forgiven. One thing became clear, that after an apparent unipolar world ruled by the U.S. (roughly the period from 1990 to 2008), which is particularly evident after the Soviet Union collapsed in 2010 following the three meetings of the G-20, the new global conditions - today we call them global - have changed radically as they did after World War II. A new "sharing" of the world, with its new responsibilities assumed, has become a necessity of the new realities. In the following study I will summarize some of my ideas as presented and discussed with the other co-authors, in a recent paper (Napoleon Pop, Amalia Fugaru and Valeriu Ioan Franc: "ABOUT CRISIS WITHOUT ANGER BUT WITH JUDGEMENT- Expert Publishing 2010), focusing on the financial crisis connections with security issues while there are ongoing consequences. [ABSTRACT FROM AUTHOR]

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