Implication of Single Euro Payments Area for financial services market. The case of Romania (original) (raw)

The Single Euro Payments Area - the Potential of Cashless Payments Development in Romania

Revista Română de Statistică, 2011

The creation of the single euro payments area is the natural outcome of the creation of the monetary union and the single currency adoption. This large project that aimed at standardizing and harmonizing the payments instruments, the legal framework, the business rules, etc might represent an opportunity for developing cashless payments in Romania.

Romanian Electronic System of Interbank Payments in the Background of Creating the Single Euro Payments Area

2007

Along with financial markets growth, the amplitude of settlements through payment systems has continuously increased. At the same time, it is necessary to be correlated with the need of streamline of noncash payments and with clients’ demands to transfer sure, efficient and low-cost amounts of money. This action determined passing over to the electronic payment system functioning in real time. In this respect, we aim at drawing up a concise presentation of the electronic payment system in our country combined with assessments of this system aligned to the European Union’s from the point of view of functionalities as well as respecting European and international standards and practices in the field.

Structural and qualitative analysis of the Romanian banking system in the context of European monetary integration

The banking sector, the predominant component of the Romanian financial system, had a relatively stable structure in the period 2005-2009 and has experienced significant consolidation, particularly in the years 2005-2006, this being sustained mainly by the restructuring and privatization process, but also by Romania's EU accession perspective and the competitive environment in this area. Given the new status of Romania as EU member country, the competition in the banking system has increased significantly, leading to both structural changes, but also to changes in levels of analysis indicators of banking structure and performance. Following this analysis, it appears that, recently, our country's banking system saw a dynamic and unprecedented diversification resulting from the economic development of the society and adaptation to EU requirements, and we can say that in Romania there is, now, a modern and competitive banking system, which provides circulation of the domestic economy and provides banking products and services in accordance with trends in the European banking sector.

Analysis for the Degree of Euroization in Romania

2012

Euroization is defined as the adoption of the Euro currency by the authorities from a country outside the Euro area, as a legal currency and as an official currency, and this means that the country chooses to give up its national currency and that the national bank gives up using the monetary policy as an instrument of the economic policy. The objective of this study is to adjust the extent of meanings of the Euroization concept for Romania and to explain it under the terms of the optimum currency areas theory. Thus, an economy characterized by a high Euroization will be more ready to give up its national currency in the future, as that economy has passed the test of using the currency it wants to adopt. This study makes an analysis for the causes of Euroization, based on the economic literature and we have examined the forms of occurrence of Euroization in the Romanian economy, insisting upon the aspects related to the preferences of the economic agents for crediting and saving in ...

Some Problems on the Romanian Bank Segment in the European Union

Eirp Proceedings, 2010

Present article is the take a short glance at the Romanian bank segment after the accession to the European Union. The analysis deals with three major topics. In the first part the regulation environment is in focus, dealing mostly the actual situation of the preparation works in the banks. The second part is dedicated to market environment, market players, ranges of products and the technical-technological background. The third part is about the macroeconomic environment of the Romanian bank segment. The aim of the article is the take a short glance at the Romanian bank segment one year after the accession to the European Union. The analysis will focus on three major topics: regulation environment, market environment and macroeconomic environment of the bank segment in Hungary. Regulation environment It can be told about the legal regulation of the bank segment that the legal regulation system is considerably similar, almost the same, due to the structural reforms and the legal harmonization process of the last fifteen years. The main task of Romanian banks is related to the regulation environment: the preparation for meeting the capital requirements of Basel is in process at full speed, which will be obligatory also for the already EU member Romanian bank segment from 2006. Let us have a look at this issue in details.

Romania and the Euro: The State of the Debate

IJASOS- International E-journal of Advances in Social Sciences, 2017

As a member of the European Union (EU), Romania is required to adopt the European single currency once it fulfils all the convergence criteria. As of June 2017, the national currency has not yet joined the preparatory two-year phase (the Exchange Rate Mechanism-ERM) necessary for the adoption of the euro and a certain target date has not been established. Over the years, different target dates have been officially set and communicated to the public, only to be later deemed unrealistic and postponed. The aim of this study is to present the state of the debate regarding the adoption of the euro and to describe how the main arguments have developed in recent years. To this end, academic studies both by Romanian and foreign specialists that treat the issue of euro adoption by Romania are reviewed and analyzed. Also, a number of recent typical popular press articles on this subject are presented and investigated. In addition, public positions recently taken by important political players and appointed officials such as the ones in the Central Bank are discussed and the core arguments found in these discourses are highlighted. Insights from the political discourse analysis body of literature are used to decipher the policy-related meaning of the text and context that accompany public declarations of some key political actors. The main storylines that can be found in this literature are identified and analyzed in terms of economic and political reasoning as well as rhetoric.

Development of European Financial System: Challenges for the Balkan Countries Integration Process

2012

The goal of this chapter is to point out the core changes in the development of the European financial system in the past several years. A number of factors have influenced these processes, such as: the aspiration of the European Union for increase in competitiveness of its own economy, negative effects of the first wave of the global economic crisis, its mutation and outbreak of the second wave coupled with problems of public debt of some EU member states, the crisis of common currency euro, etc. All changes in the EU have significant implications and create new challenges for the countries of the Western Balkans, which are undergoing different stages of the process of the European Union integrations. We shall observe occurrences in the European financial system in the three directions – through adopting new regulations, creating new institutions and rising ethical standards. Common characteristics for countries of the Western Balkans region are that they are at a lower level of ec...

Opportunities in the Hungarian Financial Services Sector as Part of the Single European Market

Transition Studies Review, 2006

As Hungary became a member of the European Union, much of the legislatory environment for providing financial services has changed, although most of the integration, at least on the legislatory level, was already carried out before the accession. In my study I try to look at the developments this new status quo has brought about, even if we are quite sure that the adoption of the common currency will cause bigger steps forward in the integration process. I also have a look at another factor influencing the financial services almost as much as the European integration, namely, the development of e-finance. Finally, I make an attempt to draw a picture of the Hungarian financial services sector a few years from now.