By Anastasios Karasavvoglou, Persefoni Polychronidou
The area is altering swiftly. the worldwide fiscal hindrance has known as into query the political judgements which have been made by means of all international locations for many years and has resulted in a re-formulation of instruments and goals. alterations to the hot scenario are precious and entail massive monetary and social charges. The Balkan and Black Sea sector is a crucial reference element for the eu and worldwide economic system. therefore, the research of the industrial improvement within the region is of significant curiosity, attractive politicians and scientists alike. lower than this framework, the problem of the relation among the area’s international locations and the E.U., the function of the banking process and the significance of the first area of the economic climate as a massive developmental issue for the nations’ economies are of serious importance.
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Extra info for Balkan and Eastern European Countries in the Midst of the Global Economic Crisis
26 E. Tsanana et al. 5 1988 1989 1990 19911992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Fig. 2 SVN 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Fig. 2 The performance of the GDPPC differentials from EU15 average Sea Economic Cooperation. Concerning the economic activity, Bulgaria is an industrialized economy with an extremely good performance recently. However, the recent global crisis has had a negative impact on its economy especially in oil industry.
1 (5) with ditþn ! 1 as n ! 1. The positive since ditþn > 0 and its rate À is positive Á average slope function @t@ dit > 0 is used to determine convergence. In order to calculate @t@ dit , the dit should be expressed as a function of time trend t: dit ¼ f ðtÞ þ uit (6) The general equation (6) is analyzed: dit ¼ y0 þ y1 t þ y2 t2 þ y3 t3 þ Á Á Á þ ykÀ1 tkÀ1 þ yk tk þ uit (7) where y0 ; y1 ; y2 ; y3 ; Á Á Á ykÀ1 ; yk factors are situated in front of each trend and uit is the error term whose mean is equal to zero.
Greece entered the euro zone in 2001. The recent global crisis revealed a number of serious problems of the Greek economy and in 2010 the government signed a memorandum with International Monetary Fund in order to cover its borrowing needs and face with the difficulties more efficiently. Romania. Romania has been a member of the EU since 2007 and of NATO since 2004. It gained its independence from the Ottoman Empire in 1877. After 1989, the country had a large period of economic imbalance. There was a need of structural reforms and industrial renewal.