A NEW APPROACH OF ROMANIA'S MONETARY INTEGRATION - AN ADJUSTED MODEL

Recent crisis evolutions have changed both the hypothesis in terms of monetary integration inside the Euro Zone for future members, but also the type of approach needed in order to achieve two major objectives' sets. These aims can be described as sustainability and medium and long term macroeconomic volatility control. This paper envisages pointing out Romania's necessary approach concerning the Euro adoption process based on a set of variables determining a so called convergence array. Components are determined leaving from the depth of the real convergence and catching-up process, from the structural analysis of the Romanian economy and its GDP evolution during recent years and getting to the out-put variation, foreign debt directing towards more or less productive investments. In order to get a clearer perspective of Romania's growth perspective, we test the OeNB's Forecasting Model for Selected CESEE Countries for Romania.