Impact Assessment of Allocated European Funds on Economic Growth in Romania

During the period 2007-2013, the European Union provided to Romania through cohesion policy approximately 19.7 billion euros1. Taking into account the dimensions for the allocation of payments for the development of the regional country, Ievaluate that the impact of the European funds from an economic and social point of view, represent a natural concernand at the same time a challenge that is quite difficult to achievefor Romania, but also for any otherstate. This evaluation cannot be accomplished only based on established indicators on each funding program, becausethese reflect the outcome of financial interventions and not the real impact on European funds on the economy. For this reason, the General Directorate of Economic and Financial Affairs within the European Commission has developed several econometric models, of which the most relevant are HERMIN and QUEST, which are used in analysing the impact of the European funds allocated through cohesion policy on Member States' economies. Thus, through this approach we aimed to highlight the impact of the European funds allocated through cohesion policy between 2007-2013, onthe economic growth in Romaniaby using an econometric model based on the theoretical model Quest.