By Anastasios Karasavvoglou, Persefoni Polychronidou
The realm is altering quickly. the worldwide fiscal problem has known as into query the political judgements which were made through all international locations for many years and has resulted in a re-formulation of instruments and goals. alterations to the recent scenario are invaluable and entail enormous monetary and social expenses. The Balkan and Black Sea region is a crucial reference element for the ecu and international economic system. for this reason, the research of the commercial improvement within the region is of serious curiosity, enticing politicians and scientists alike. below this framework, the problem of the relation among the area’s nations and the E.U., the position of the banking process and the significance of the first zone of the financial system as an enormous developmental issue for the international locations’ economies are of serious importance.
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Additional resources for Balkan and Eastern European Countries in the Midst of the Global Economic Crisis
S. dollars showing, thus, an increase equal to 6% (Miljkovic´ 2006) (Tables 5 and 6). On June 27, 2001, a memorandum was signed in Brussels which laid the groundwork for a free trade zone in Southeast Europe by the following countries: Albania, Bosnia – Herzegovina, Bulgaria, Croatia, Serbia – Montenegro, the FYROM, Moldova and Romania (Commission of European Communities 2002). This memorandum provided for the liberalization of trade to the level of 90% by 2008. In late January 2006, the European Commission presented a series of measures that would promote economic cooperation among countries of the Western Balkans.
Ni Aiolain 2001, p. 63) To meet their objectives, the agreements had to manage to reconstruct the multiethnic societies of the countries whose coherence had received a keystroke by the armed transnational conflicts that had taken place particularly in the case of Bosnia, where the methods followed as well as the severity of conflicts caused the reaction of the international public opinion. To reconstruct the coherence of multiethnic societies of both countries, the method chosen to be implemented through the Agreements was based on ‘power sharing’ among the ethnic groups involved in the conflict, which was described by Lijphart as ‘Consociational democracy’ in his work entitled ‘Democracy in plural societies’ with variations in the case of each country.
Romania. Romania has been a member of the EU since 2007 and of NATO since 2004. It gained its independence from the Ottoman Empire in 1877. After 1989, the country had a large period of economic imbalance. There was a need of structural reforms and industrial renewal. From 2000, the Romanian economy showed macroeconomic stability expressed through high growth rates, low unemployment and low inflation rates. The global crisis affected the economy and a decline in growth rate was marked down. It should be mentioned that Romania has significant natural resources and important industrial activities such as metallurgy, petrochemicals and machinery.