The Financial Integration in Romania and in the New Member States of the European Union

In the last 20 years, financial globalization has increased. In this context, I intend to analyze the index of financial integration in the period 2000-2013, in Romania compared with some of the new member states of the European Union, in order to see the level of the financial openness of our country compared to similar countries in terms of economic development, but some with different exchange rate regime. Thus, I find that in the period 2003-2009 compared with countries with flexible exchange rate regime, Romania has enjoyed a high degree of financial openness. However, compared to countries with fixed exchange rate regime, Romania has had an average position in terms of the financial integration index. The analysis of the foreign direct investment flows of Romania by direction shows a situation characteristic of a developing country, whose economy needs, besides national funds, also foreign capital in order to support growth.