REFERENCE POINTS FOR FINANCIAL INSTABILITY IN THE EURO ZONE CANDIDATES COUNTRIES

The issue of financial instability has been intensely debated over the past few decades both within the academia and by the economy decision-makers. The complexity of the concept and the range of meanings hinder the development of a general, unanimously accepted definition. However, the historical analysis of the episodes of financial instability, which were rather frequent particularly after World War Two, as well as the specific literature, may outline some characteristics of the state if financial instability. Starting from these general aspects, this article aims to identify some traits which define the financial instability in the countries candidate to the Euro zone, taking into account the European integration and all the challenges of this process. The ideas presented in the paper will be used to analyse the actions taken by a national central bank candidate to the Euro zone, to cope with the challenges of the financial instability.