CONVERGENŢA REALĂ NU ESTE UN MOFT (ROMÂNIA ŞI EUROARIA).

The Euro Area crisis has not passed and is not limited to public and private indebtedness. Otmar Issing, former chief economist of the European Central Bank, reiterated in Bucharest this April that the Euro Area started on one leg (the monetary policy) and that it lacks appropriate fiscal arrangements. He is not the only prominent voice who made this observation. Alexandre Lamfalussy, an architect of the Euro, noted that various obstacles obstruct fiscal integration. The McDougal Report, prepared at the request of the European Commission, has showed, ever since 1978, that a monetary union needs a common budget. Van Rompuy, and more recently Pierre Moscovici speak about the need for a "fiscal capacity". I mentioned this to highlight that discussing about the accession while looking only inwards is not intelligent. The great lessons of the recent crisis also provide answers to questions with respect to the right time of accession to the Euro Area. [ABSTRACT FROM AUTHOR]