Theoretical and Applied Economics
No. 4 / 2021 (629), Winter
The pandemic crisis – A new factor to slow down the expansion of the Eurozone
"Costin C. Kiriţescu" National Institute for Economic Research, Romanian Academy, Romania
Abstract. The pandemic crisis from 2020-2021 has produced negative effects on the economies of six European Union (EU) member states outside the Eurozone: Bulgaria, Croatia, Czechia, Poland, Hungary, and Romania. This paper presents the economic and social situation in the aforementioned states, before the pandemic started in Europe and after the Sars-Cov-2 infection rates began to drop, and many restrictions previously imposed on tourism, hospitality, culture, sports and free movement were lifted. The paper highlights whether the Maastricht Treaty nominal convergence criteria were met or not by Bulgaria, Croatia, Czechia, Poland, Hungary, and Romania, as they represent an important pillar of joining the Eurozone; the paper also analyzes the real convergence – especially the Gross Domestic Product (GDP) per capita, calculated to the Purchasing Power Parity (PPP). The pandemic crisis, as well as some misunderstandings at EU level, have led Romania, Czechia, Poland, and Hungary to postpone adopting the Euro, as the latter 3 states did not even set a Eurozone joining deadline. Yet, some progress has been made by Bulgaria and Croatia, as they included their national currency in the Exchange Rate Mechanism II (ERM II) starting July 10, 2020.
Keywords: convergence criteria, GDP per capita, regional gross domestic product, Euro area.
Contents
- The pandemic crisis – A new factor to slow down
the expansion of the Eurozone
Iulian Nicolae VASILOIU
- Public service delivery dilemma
and economic growth challenges in the MENA Region
Siham MATALLAH
Lahouari BENLAHCENE
- Hidden Markov Model using transaction patterns
for ATM card fraud detection
E.B. NKEMNOLE
A.A. AKINSETE
- Productivity growth in Chinese cities:
The agglomeration effect
for cross-regional industrial structures
Yuanjun GE
Fa-Hsiang CHANG
- Time-varying volatility spillover of foreign exchange rate
in three Asian markets:
Based on DCC-GARCH approach
Mohini GUPTA
Purwa SRIVASTAVA
Amritkant MISHRA
Malayaranjan SAHOO
- Non-linear effect of public debt on economic growth:
The case of Tunisia
Ahmed MAAROUFI
Ghazi BOULILA
- Application of single Sharpe index on the optimal portfolio
construction using Indian blue-chip stocks
Debajit RABHA
Rajkumar Giridhari SINGH
- Budget policy, economic cycle and debt in the West African
Economic and Monetary Union (WAEMU) countries:
Empirical evidence based on a regime change model
Sèwanoudé Honoré HOUNGBEDJI
- The impact of government spending on the economic growth
of a sample of developing countries using panel data
Amine TAMMAR
- The evolution of consumer prices –
the main brake on economic growth
Constantin ANGHELACHE
Mădălina-Gabriela ANGHEL
Ștefan Virgil IACOB
- Analysis of income inequalities
in the pre-pandemic COVID-19 period
Amalia CRISTESCU
Larisa STĂNILĂ
Eva MILITARU
















