The paper deals with the necessity to implement sub-regional specific solutions in order to achieve the economic recovery. EU2 countries (Bulgaria and Romania) have the same political and economic past, present and future and the same challenges to face. This is why both countries are analysed...

This paper assesses the role of financial variables in real economic fluctuations, in view of analysing the link between financial cycles and business cycles at the global level. A Global VAR modelling approach, which has been proved suitable for modelling country or regional linkages, is used...