Online ISSN 2286-0266
Print ISSN 1223-0685
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Nicolae DĂNILĂ
Academia de Studii Economice din Bucureşti
The world is facing the challenges of the greatest financial and economic crisis. The reality is proving that in the cases of the modern crisis the solutions for solving the problems are coming out of the direct intervention of the state in the economy. The world is facing a major vulnerability on its financial, economic and political fields. The free movement of the goods, capital and labor forces that cross the borders these days is no longer an “one way street”, but a strong “two ways street”. Establishing a global equilibrium based on a constructive bi-polarism or multipolarism is one of the main tasks of the today’s world. This will be very much related to the solutions of establishing a sustainable platform for the sovereign debts. The current crisis has proven once more the importance of the national banking system. Sovereign funds will play an important role in reinforcing the position of several emerging countries and markets in the world. The great amount of financing needed in order to fix the problems and the gaps brought by the crisis will require the massive involvement of the excess balances of the emerging world. The great convergence will probably be the main trend in relationship with the global transformation. In such circumstances Eurozone future will have a major option for surviving: to finalize its fiscal integration, in addition to its monetary union. Romania, a member of UE, has to fix its homework and to establish its priorities.

ŒCONOMICA no. 1/2011
Keywords: globalization, crisis, state intervention, FX reserves, emerging countries, Euro, US Dollar, multipolarism, sovereign debt and sovereign funds, reform, convergence, vulnerabilities, UE, Eurozone, Romania
JEL: F15, F31, H12, H63, H68
Globalizarea crizei. Sau criza globalizării?