• Otilia P. Manta, Lecturer PhD Athenaeum University of Bucharest
Keywords: Eurozone, sustainable development, SMEs and financial stability


Currently, the Eurozone (ZE) is in the midst of a large cyclical growth. Higher exports and improved expectations have prompted firms to invest more in equipment, as capacity utilization has been exceeded for some time and continues to grow and funding costs are very low. However, recent indicators, as well as industrial output, were surprisingly  little affected and there were some turmoil in the financial markets, which suggests caution. The ECB will probably end its asset purchase program by the end of 2018, but it will only begin to raise interest rates in 2019. Fiscal policy in the euro area is less expansive this year, and France and Germany expect a notable fiscal stimulus for 2019. Overall,  experts estimate Eurozone GDP will grow by 2.2% in 2018 and 1.6% in 2019. The accelerated wage dynamics will, together with the higher pricing powers of firms and the recent rise in oil prices, cause 2% in 2019. Uncertainty is, however, substantial, because a slight slowdown cannot be excluded, which would also affect the dynamics of inflation.  The transition to the euro area of the countries of southeastern Europe will create a new challenge for the European space. The question is whether these states are fully prepared to switch to the euro? more at what parity of foreign exchange will this passage be made? how will national economies and the European economy be affected? These are  some of the questions that we want to answer in this paper.


• Brociner Andrew, Europa monetara. SME, UEM, Moneda unica, Institutul European, Iasi, 2009.

• Christiane Baumeister and Luca Benati. Unconventional Monetary Policy and the Great Recession: Estimating the Macroeconomic Efects of a Spread Compression at the Zero Lower Bound. International Journal of Central Banking, 9(2):165- 212, June 2013.

• Christian Hellwig, and Thomas Philippon, “Eurobills, not Eurobonds,” Vox, September 2, 2011, available at; and Daniel Gros and Stefano Micossi, “A Bond-Issuing EU Stability Fund Could Rescue Europe,” Europe’s World, February 1, 2009, available at VxUArfkrJD8). Reform proposals have to deal both with the legacy of past debt as well as future borrowing. There are many details of such proposals, including the maturity of the debt—that is, as Hellwig and Philippon point out, whether the debt should be long-term or short-term (bonds versus bills).

• Claudio Borio and Anna Zabai. Unconventional monetary policies: a reappraisal. BIS Working Papers 570, Bank for International Settlements, July 2016.

• Fischer Black. Interest rates as options. The Journal of Finance, 50(5):1371-1376, 1995.

• Ignat Ion, Uniunea Europeana. De la Piata Comuna la moneda unica, Editura Economica, Bucuresti, 2002.

• Jonas E. Arias, Juan F. Rubio-Ramirez, and Daniel F. Waggoner. Inference Based on SVARs Identied with Sign and Zero Restrictions: Theory and Applications. Dynare Working Papers 30, CEPREMAP, January 2014.

• John Beirne, Lars Dalitz, Jacob Ejsing, Magdalena Grothe, Simone Manganelli, Fernando Monar, Benjamin Sahel, Matjaz Susec, Jens Tapking, and Tana Vong. The impact of the Eurosystem’s covered bond purchase programme on the primary and secondary markets. Occasional Paper Series 122, European Central Bank, January 2011.

• Jef Boeckx, Maarten Dossche, and Gert Peersman. Efectiveness and Transmission of the ECB’s Balance Sheet Policies. International Journal of Central Banking, 13(1):297-333, February 2017.

• Lawrence J Christiano, Martin Eichenbaum, and Charles L Evans. Nominal rigidities and the dynamic effects of a shock to monetary policy. Journal of political Economy, 113(1):1-45, 2005.

• Mariarosaria Comunale and Davor Kunovac. Exchange rate pass-through in the euro area. Working Paper Series 2003, European Central Bank, January 2017.

• Philippe Andrade, Johannes Breckenfelder, Fiorella De Fiore, Peter Karadi, and Oreste Tristani. The ECB’s asset purchase programme: an early assessment.Working Paper Series 1956, European Central Bank, September 2016.

• Pablo Burriel and Alessandro Galesi. Uncovering the heterogeneous effects of ECB unconventional monetary policies across euro area countries. Working Papers 1631, Banco de Espana;Working Papers Homepage, December 2016.

• Stiglitz E. Joseph, The EURO, how a common currency threatens the future of Europa, NY, 2016.

• Száz André, Calea unificarii monetare a Europei, Editura Pandora-M, Târgoviste, 2010.

• Projections from IMF’s World Economic Outlook (WEO) September 2011, available at

• European Commission data available at Note that these funds are transfers, unlike the funds provided in the Troika programs, which are just loans. To some, this might suggest that Europe has shown less generosity to its old partners facing a period of distress than to the new entrants.

How to Cite
Manta, Lecturer PhD, O. P. (2023). THE EUROZONE IN THE CONTEXT OF NATIONAL UNITY AND THE PRINCIPLES OF GLOBAL DEMOCRATIC SOCIETY. Journal for Freedom of Conscience (Jurnalul Libertății De Conștiință), 6(2), 454-492. Retrieved from[]=650