THE PRESENT FINANCIAL CRISES: CAUSES AND REMEDIES

The financial crises are plural because we have two crises, actually: one started in the USA and extended, into the developed countries; the other crisis, determined by the large deficit of the current account, specific to emerging economies of new member states of the EU, including Romania. The economic crisis from Romania is internal by nature; it would have appeared regardless of the American financial crisis. The causes of the Romanian economic crisis are different from the causes of the American crisis and of the tough European nucleus. Both the causes of the crisis as well as the "transmitting mechanisms" in the East are different from the Western countries, so that the measures to surpass the crisis should be different.