Revista de Economie Mondiala/ Journal of Global Economics

20-35

Authors: Petre Prisecaru

Asset quality analysis and stress tests were prior activities before beginning effective supervision of large EU banks starting with November, 2014 within the banking union of EU. In this article I propose four major objectives. Firstly, I review the results of stress tests conducted by the European Central Bank (ECB) with the assistance of the European Banking Authority, this representing the beginning of a complex process for building a strong banking union. Secondly, I highlight the results of stress test exercises conducted by ECB and National Bank of Romania (NBR) in the domestic banking sector. Thirdly, based on the directives and regulations already adopted, I explain the three pillars of the banking union: single supervisory mechanism, single resolution mechanism and harmonization of national deposit insurance systems. Finally, I emphasize that our country is already on the way of entering the banking union, which is supported by the NBR and the Romanian Banking Association (RBA), given the high degree of integration of Romanian banking sector into the European one and the prospects for adopting the single currency, the euro.

48-63

Authors: Ionela Bălțătescu

The article covers a short overview of EU-USA trade agreement: (a) the main advocates of the treaty and also the main lobby groups involved in the negotiation of the EU-USA trade agreement; (c) the estimated economic impact of signing the EU-USA trade agreement, according to most important studies that assess the benefits and risks of signing the treaty (e.g. studies realized by the Centre for Economic Policy Research CEPR, Centre for Prospective Studies and International Information CEPII, Bertelsmann Foundation etc.); (b) the key issues approached during the negotiation process; (d) geostrategic implications; (e) criticisms and pros and cons according to economic analysts, non-governmental organizations (NGOs), lobby groups and other types of organizations.

74-86

Authors: Eduard Marinov

The process of political integration in Africa is progressing slowly, even though it was a priority stated by the African leaders ever since the early days of independence in the mid-20th century. In the field of economic integration, which has a much shorter history, the achievements, albeit insufficient compared to the stated objectives, are significantly more. The paper discusses the historic development of the ideas of regional integration in Africa and their implementation, presenting the defined by the author five phases in the integration process. Special attention is paid on the multi-layer approach towards economic integration adopted for the creation of the African economic community.

21-35

Authors: Sarmiza Pencea

China’s economic pathway subsequent to 1978 is the greatest and most spectacular catching-up process ever succeded in the hystory of development. This country’s unprecedented race to regain the statute of a great economic power - lost in the 19th century, against the backdrop of the western industrial revolution – has developed at unequalled pace and produced exceptive results, overturning previous global hierarchies and exerting influence to the farthest corners of the world. Yet, nowhere else has its impact been more ample than in Asia, where China has become the largest regional economy, overriding Japan (2010), a highly developed country, although China itself is still an emerging economy. The channels which these influences are transmitted through are complex, pertaining to both the market mechanisms and to institutions and policies. In this paper we look at some of the influences exerted and changes triggered by China in Asia, through market mechanisms.

51-66

Authors: Iulia Monica Oehler-Șincai

According to international experts, a country’s demand for metals follows its GDP per capita trend. Taking into consideration China’s position as the main consumer of metals worldwide and the corollary that its demand will keep on increasing at least until its GDP per capital level doubles – which cannot happen before the 2020s – this country’s consumption of metals will continue its ascending move. Moreover, the experts foresee that China will surpass the USA by 2030 as regards its GDP in current prices, and its economy will become the largest in the world. Consequently, China’s consumption of metals will surpass the actual level in the following years, in spite of its GDP slowing down and the process of its economic rebalancing. Statistical data and recent research papers underline that the Chinese demand for durable goods will increase in the following period thus the demand for metals used in manufacturing will continue to grow. At the same time, the Chinese infrastructure is far from completed, as the development gaps between the eastern China and its central and western regions are considerable and the investments in building or modernizing national roads, highways, electrical grid, utilities, harbours, airports will continue to be significant. Therefore, under the “China factor”, the world metal demand will grow further in parallel with the technical progress, rise in the standard of living and the gradual increase of income per capita. At the same time, the dynamics and structure of consumption of different metals will change.

81-92

Authors: Florela Stoian

This paper is dealing with the main issues regarding the long term evolution of the world aluminium market (demand, supply, prices), a metal largely used în the industrial production. The analyses point out the major impact of the 2008-2009 economic crisis upon the world aluminium market, as a result of the significant decline of demand, while the offer increased, contributing to the growing market imbalance and pressing over the white metal prices at London Metal Exchange-LME.

29-46

Authors: Petre Prisecaru

In order to support the economic growth and empolyment in EU European institutions have launches ambitious initiatives for a reindustrialization process based on new technologies and green energies. The aim is to increase the share of processing industry in GDP from 15.1% in 2013 to 20% in 2020 according to the objectives of Europe 2020 Strategy and also with those of other EU strategies and common policies. The focus will be laid on innovation and research activites, on supporting/financing SMEs and their internationalization, on the integration of EU firms into global value chains, on developing green energies, bio and key enabling technologies, on smart networks and on free trade and sustainable development.

61-79

Authors: Iulia Monica Oehler-Șincai

In the present paper we aim to emphasize several aspects of the economic integration realized through the channel of trade, from a double perspective. The first point of view is given by the formal framework, de jure, composed by the multitude of preferential trade agreements, while the second one, de facto, market-driven, is concretized by the global production networks. The first stance is exemplified through the agreements negotiated or concluded by the traditional trade powers, EU, US and Japan. Although, economically, EU is more present in Asia-Pacific than the US, the latter are politically more active and seem to gain ground. The second stance is underlined by means of the Asian integration specificity. East and South-East Asia represents the core of „Factory Asia” and is governed by the activity of the transnational corporations, their investment and cross-border networks, which makes the production process more fragmented and the regional economies more mutually dependent.

96-117

Authors: Alina Dumitrescu

In the past 20 years the European Union has been working continually to promote green energy. Renewable energy has a number of social, economic and environmental benefits. A major advantage of using renewable energy is that it has a low environmental impact, therefore, can support growth on a sustainable basis. The study analyzes the EU progress and long-term trends and scenarios in the field of renewable resources. It also presents the experience of other Member States and their green energy orientations. This can be for Romania an example to promote an energy policy that ensures a permanent balance between security of supply, competitiveness and economic viability and the last, but not the least environment protection.

131-145

Authors: George-Cornel Dumitrescu

The economic and the military developments that have characterized the Chinese economy in recent decades have caused Beijing to take steps to ensure the provision of strategic resources necessary for the continued economic growth and consolidation of China`s position and prestige in Central Asia and worldwide. This includes the recent launch of a strategic project entitled "The Silk Road Economic Belt", an initiative of the President Xi Jinping devised to promote Chinese economic and security interests among the states along the Silk Road. The project is designed so that the states involved don`t feel threatened by Beijing's interests by promoting win-win bilateral and multilateral relations. Analyzing the literature in the field, the main developments and positions of the authorities involved in the "The Silk Road Economic Belt", we propose to identify the potential routes covered by the project and the interests of the main stakeholders.

159-170

Authors: Cristinel Claudiu Cocoșatu

Article approaches the problem of European Social Fund in the programming period 2014-2020 with directly applicability to its implementation in Romania. In the first part of the paper it is analyzed the legal frame papers of the Structural Funds through the influence that they have in shaping a coherent policy for solving problems in the programming period 2007-2013. In the second part of the paper are pointed out the most important elements and moments of the European Social Fund. This particularization was conducted both at European and national level. Finally, the paper has detailed the importance of proper implementation of the program for the European Social Fund 2014-2020, with general applicability to system level and particular to applicant institutions. All these efforts have been made ​​to propose the current government, especially the Ministry of European Funds, rational and efficient ways to increase the funds absorption in Romania for the new programming period so that national interest will be better promoted through the use of EU funds.

21-41

Authors: Sarmiza Pencea

Along more than three decades, China has managed one of the most impressive catching-up drives in human history. Its accomplishments in terms of extensive development are outstanding and undeniable, but the country has now already reached a turning point, when internal and external factors call for a major qualitative switch. To avoid the “middle income trap” and to further develop, China must switch from cheaply processing/assembling foreign-designed goods, with transferred foreign technologies, to producing high-skill and knowledge-intensive goods engineered in China, using technologies devised locally. The paper briefly presents the targets of China’s R&D strategic planning – and, implicitly, of its industrial policy – and then it looks at the efforts made and the results got in this field in recent years, sketching the Chinese academic and industrial R&D landscape and identifying some of its most important new shifts and trends. It concludes that the country has already made rapid and significant strides, paving the way for a successful switch to an innovation and knowledge-based economy, with governmental policies in support of RDI playing a major role.

56-77

Authors: Alina Ligia Dumitrescu

The article analyzes the need, role and principles underlying good governance in the European Union, namely: openness, participation, accountability, effectiveness and cohesion. Subsequently, the research continues with the definition of the fiscal federalism concept, focusing on the benefits of the “economics of multi-level governance”. Fiscal federalism is presented as a main instrument of good economic governance that can bring benefits in terms of fiscal consolidation, the efficient use of public funds and the efficient allocation of functions between different levels of authority within the multi-level governance.

90-108

Authors: Adrian Ciubotaru

In this article we intend (1) to broadly introduce the smart specialisation policy within European context, which is strongly interrelated with the research and innovation strategies for smart specialisation (RIS3), and to critically evaluate its relationship with KETs; (2) to shed light on the manner in which the theoretical framework of smart specialisation policy reconnects the notion of entrepreneurship – via technology entrepreneurship – with the global economy and sets it in the middle of an analysis of the structural changes the latter is facing; and (3) to evaluate to what extent RIS3’s approach to KETs allows a more refined use of the notion of “technological emergence”.

118-151

Authors: Iulia Monica Oehler-Șincai

The current level of trade and investment flows between the EU and Indonesia, ASEAN’s largest economy, does not represent a real proof of the bilateral relations strategic nature. The objective of our paper resides in the substantiation of the relevance of this relationship for each of the two partners in the long run. The strengths of our argumentation consists in emphasizing Indonesia’s gradual but obvious rise on the global stage, its complementarities with the EU economy and also the common efforts undertaken in order to stop the greenhouse gas emissions, taking into consideration the particular threats for an archipelago-country. Last but not least, the increasing separatist movements in Europe and other regions in the world bring the EU and Indonesia closer than ever. Our paper is structured in four sections, and the last one concludes.