THE "ROMANIA'S DEVELOPMENT IN THE NEW EUROPEAN FINANCIAL CONTEXT" CONFERENCE / ECONOMIST AURELIAN DOCHIA: "We will be developing in a European Union that will be unfavorable to us"

In the coming 10-15 years, Romania will be developing in a new European Union, which will be quite unfavorable to us, economist Aurelian Dochia considers.

He said: "Here (ed. note: at the conference organized by BURSA) we are speaking about Romania's development in the new European context. We tend to feel that this new European context is what we know, while I for one feel that it would be extremely harmful if we didn't realize that Europe is going through a major change. It is very important to see clearly which way this Europe is heading".

The situation in Greece represents the best example of the failure of the current European construction, says Mr. Dochia, who said that, over there, there are two options - continuing the cooperation between Greece and its foreign creditors or not -, and in the latter case Greece would run out of money.

"Banks in that country are under constant assault, because every day there are massive cash withdrawals. So that means that banks are vulnerable if financing doesn't continue. Greece will have to come up with its own money, this being the scenario where it leaves the European Monetary Union", the economist mentions, and he says that any rate, even if Greece gets the funds now, the underlying problem will not be resolved.

"The fundamental solution for Greece's economy does not exist", Aurelian Dochia concludes.

In his opinion, in the coming years, the European construction must be rethought from the ground up and rebuilt.

Every monetary union has fallen apart the moment it was confronted with a crisis, and the only ones that have stood standing are those that have accompanied a group of countries, such as the US, Mr. Dochia said, thinking that, obviously, "the European Monetary Union has no other solution except stronger integration, including from a fiscal and budgetary point of view": "It can not be done, however, without a political union. That is why, at this moment, the Banking Union can not head towards a better integration".

In the opinion of the economist, most likely, "palliatives" will be sought out, and those solutions will lead to a new European order.