THE DYNAMIC OF THE ECONOMIC GOVERNANCE ARCHITECTURE IN THE CONTEXT OF THE EUROPEAN UNION

The process of economic governance implies structures, norms and regulations that have as main objective to reduce the uncertainties across economies and to promote high rates of economic growth. An efficient economic governance is particularly important upon improving the sustainability of the business environment, increasing the competitiveness level in report to other economies, managing human resources and assuring a high standard of living for the society. The main purpose of this paper is to investigate the process of economic governance across the Member States of the European Union taking into consideration the existing literature in the field that highlights the extremely important connection between economic governance - economic growth - economic convergence. Furthermore we analyzed some main indicators such as the Social Justice Index or the indicators used by international organization, namely World Economic Forum, across all European economies in order to present a clear image upon the existing differences between these countries as well as the factors responsible for this situation.