EUROPEAN CRISIS’ EFFECTS UPON THE ROMANIAN
                         ECONOMY
            Ionela Gavrila-Paven, “1 Decembrie 1918 University” Alba Iulia

ABSTRACT: European Union is facing severe challenges from the financial crisis and
the deep recession. The recession of the global economy affected the commercial and
financial relations between European economies and between Europe and the rest of the
world. European Commission has indicated how it intends to apply state aid rules to
state support schemes and individual assistance for financial institutions; has provided
guidance on the treatment of asset relief and impaired assets; and has presented
proposals for establishing regulatory and supervisory standards for alternative
investment fund managers. In this condition European Union has two major challenges:
one to continue its Agenda on the integration phenomenon, and the other to apply
measures to recover the crisis.

Key words: financial crisis, recession, state aid rules, state support schemes, gross domestic
product

JEL codes: D24, O31.