Experiences of the Large Fiscal Adjustments in EU. Romania’s Case

Abstract

This paper presents the contagion mechanisms of theworld financial crisis upon the Romanian economy, the analysis of theway in which the Romanian authorities have reacted during the crisis andthe lessons to be learnt subsequently to the encounter with this crisis.Moreover, this work outlines, in a comparative manner, the mainmacroeconomic effects of the large fiscal adjustments recorded duringthe last 30 years in EU, as well as viewpoints referring to the fiscalcorrection in Romania.

Keywords

• fiscal adjustment
• austerity
• recession
• crisis.