Share Tweet Share Share Email Trade finance marketplaces are playing an increasingly critical role in facilitating seamless transactions between buyers and sellers. These digital platforms leverage technology to bridge the gap between parties, enabling efficient, transparent, and secure trading experiences. As businesses navigate the complexities of international trade, trade finance marketplaces have emerged as indispensable tools for driving growth and fostering collaboration. What Are Trade Finance Marketplaces? Trade finance marketplaces are digital platforms that bring together buyers, sellers, and financial institutions to streamline the processes involved in international trade. These platforms offer services such as invoice financing, supply chain financing, and working capital solutions, ensuring that businesses have access to the financial support they need to complete transactions efficiently. By digitizing traditional trade finance processes, these marketplaces eliminate paperwork, reduce processing times, and enhance transparency. The Importance of Trade Finance in Global Trade Trade finance is the backbone of global commerce, providing the financial instruments and solutions necessary for cross-border transactions. It helps mitigate risks, ensures timely payments, and provides liquidity to businesses. However, traditional trade finance systems are often cumbersome, slow, and expensive, creating barriers for small and medium-sized enterprises (SMEs) looking to expand internationally. This is where trade finance marketplaces come in. By leveraging cutting-edge technology, these platforms democratize access to trade finance, making it easier for SMEs to compete on a global scale. They simplify the process of securing financing, ensuring that businesses can focus on growth rather than administrative hurdles. Key Features of Trade Finance Marketplaces Automation and Efficiency Automation is at the core of trade finance marketplaces. By using advanced algorithms and artificial intelligence (AI), these platforms automate processes such as credit assessment, document verification, and transaction tracking. This reduces human error and accelerates transaction completion. Transparency Transparency is a crucial feature of trade finance marketplaces. By providing real-time updates and clear visibility into transaction statuses, these platforms build trust among buyers, sellers, and financial institutions. This transparency is particularly valuable in international trade, where communication barriers and time zone differences can complicate processes. Risk Mitigation Risk is an inherent part of international trade, but trade finance marketplaces help mitigate it. They offer tools such as credit insurance, payment guarantees, and fraud detection systems to ensure that transactions are secure and parties are protected. Accessibility One of the most significant advantages of trade finance marketplaces is their accessibility. Unlike traditional trade finance systems, which often cater to large corporations, these platforms are designed to accommodate businesses of all sizes. SMEs, in particular, benefit from easy access to financing solutions tailored to their needs. How Trade Finance Marketplaces Work Trade finance marketplaces operate as intermediaries, connecting buyers, sellers, and financial institutions. Here’s a step-by-step overview of how these platforms function: Registration and Onboarding Businesses and financial institutions register on the platform and undergo a thorough onboarding process. This includes verifying identities, evaluating creditworthiness, and understanding trade requirements. Posting Trade Requirements Buyers and sellers post their trade requirements, such as the need for invoice financing or supply chain financing. Financial institutions review these requests and propose tailored solutions. Matching and Negotiation The platform matches buyers and sellers with suitable financial institutions. Parties negotiate terms and finalize agreements, often using digital contracts to streamline the process. Transaction Execution Once agreements are in place, the platform facilitates the execution of transactions. This includes processing payments, verifying documents, and ensuring compliance with trade regulations. Post-Transaction Services Many trade finance marketplaces offer post-transaction services, such as performance analytics and dispute resolution, to enhance user experiences and ensure long-term satisfaction. Benefits of Trade Finance Marketplaces Trade finance marketplaces offer numerous advantages, making them an essential tool for businesses engaged in international trade. Some of the key benefits include: Cost Savings By digitizing processes and eliminating intermediaries, trade finance marketplaces significantly reduce costs associated with traditional trade finance. This is particularly beneficial for SMEs operating on tight budgets. Faster Transactions Traditional trade finance processes can take weeks or even months to complete. Trade finance marketplaces leverage technology to expedite these processes, enabling faster access to funds and quicker transaction completion. Global Reach These platforms connect businesses with a global network of buyers, sellers, and financial institutions. This expanded reach opens up new markets and opportunities for growth. Enhanced Security Trade finance marketplaces use advanced security measures, such as blockchain technology and AI-driven fraud detection, to protect transactions and data. This ensures a secure trading environment for all parties involved. Scalability As businesses grow, their trade finance needs evolve. Trade finance marketplaces offer scalable solutions that can adapt to changing requirements, ensuring continuous support for business expansion. Challenges Facing Trade Finance Marketplaces While trade finance marketplaces offer significant advantages, they also face challenges that must be addressed to maximize their potential: Regulatory Compliance Navigating the complex landscape of international trade regulations can be challenging. Trade finance marketplaces must ensure compliance with various legal and regulatory frameworks to operate effectively. Adoption and Awareness Despite their benefits, many businesses remain unaware of trade finance marketplaces or are hesitant to adopt them due to unfamiliarity with digital solutions. Education and awareness campaigns are essential to drive adoption. Data Security Concerns With the increasing reliance on digital platforms, data security is a top concern. Trade finance marketplaces must invest in robust cybersecurity measures to protect sensitive information. Integration with Legacy Systems Many businesses still rely on traditional systems and processes. Integrating these with modern trade finance marketplaces can be challenging, requiring significant investment in technology and training. The Future of Trade Finance Marketplaces Trade finance marketplaces are poised for significant growth. Emerging technologies such as blockchain, AI, and the Internet of Things (IoT) will further enhance the capabilities of these platforms, enabling even greater efficiency, transparency, and security. Blockchain, for example, has the potential to revolutionize trade finance by providing a decentralized, tamper-proof ledger for recording transactions. This technology can eliminate fraud, reduce processing times, and ensure compliance with trade regulations. Similarly, AI can be used to analyze large volumes of data, predict market trends, and make informed decisions, while IoT devices can provide real-time tracking of goods and shipments. In addition to technological advancements, trade finance marketplaces will benefit from increased collaboration among stakeholders. Governments, financial institutions, and technology providers must work together to create a supportive ecosystem that fosters innovation and growth. Conclusion Trade finance marketplaces are transforming the way businesses engage in international trade. By connecting buyers, sellers, and financial institutions, these platforms simplify complex processes, reduce costs, and enable businesses of all sizes to thrive in the global marketplace. While challenges remain, the continued development of technology and collaboration among stakeholders will ensure that trade finance marketplaces remain at the forefront of global commerce, driving efficiency, transparency, and growth for years to come. Related Items: Artificial intelligence , marketplace , trade finance Share Tweet Share Share Email Recommended for you Data & Analytics in FinTech: Unlocking the Power of Financial Information From Silicon Valley to War Zones: How Feras Mousilli Advocates for Startups and Tech Giants Globally Real Estate Tokenization: Unlocking Liquidity in Property Markets CommentsPrime Minister Justin Trudeau posted a video of veteran journalist Tom Brokaw explaining Canada to Americans. It comes after several social media posts by President-elect Donald Trump referring to Trudeau as the governor of America’s 51st state. “Remember, Canada was a British colony. That was a long time ago. But the encryption on the arch sums up the relationship: ‘May these gates never be closed,’” Brokaw says in the video. The video emphasizes the close relations between the two nations, including the shared border, joint military operations, and Canada’s help to rescue American diplomats during the 1979 hostage crisis in Iran. Brokaw notes in the video that the countries both attract immigrants searching for freedom and economic opportunity, and that Canada is one of the biggest trading partners to the United States. “The two-way trade at the Ambassador Bridge between Detroit and Windsor alone equals all American exports to Japan,” he said. The video also notes that Canada is the No. 1 supplier of oil to the United States, and that the top tourist destination for Canadians is the United States. Trump has posted several jibes about Canada becoming the next U.S. state over the past month, after announcing that he will impose a blanket 25 percent tariff on all Canadian imports if the country doesn’t adequately address illegal immigration and drug flow through its border into the United States. Shortly after the announcement, Trudeau made a visit to the president-elect’s home in Mar-a-Lago on Nov. 29. Trump has continued the same comment in subsequent social media posts. “It was a pleasure to have dinner the other night with Governor Justin Trudeau of the Great State of Canada,” Trump wrote Dec. 10 on Truth Social. “I look forward to seeing the Governor again soon so that we may continue our in depth talks on Tariffs and Trade, the results of which will be truly spectacular for all!” Trump has also posted on the platform about encouraging Wayne Gretzky to become prime minister in Canada. “I just left Wayne Gretzky, ‘The Great One’ as he is known in Ice Hockey circles. I said, ‘Wayne, why don’t you run for Prime Minister of Canada, soon to be known as the Governor of Canada—You would win easily, you wouldn’t even have to campaign,’” Trump posted on Dec. 25. Another Dec. 25 post by Trump noted that if Canada were to become the 51st state, taxes would drop by 60 percent. “To Governor Justin Trudeau of Canada, whose Citizens’ Taxes are far too high, but if Canada was to become our 51st State, their Taxes would be cut by more than 60 percent, their businesses would immediately double in size, and they would be militarily protected like no other Country anywhere in the World,” Trump wrote.Italy’s cultural trove has been attracting aesthete and art-curious tourists from across the world since young aristocrats first embarked on their Grand Tours in the 17th century. Rome, Venice and Florence and their respective concentrations of riches have been the particular honeypots swarmed by art enthusiasts and list-tickers alike. The inaugural exhibition at Palazzo Citterio. Credit: Alamy But Milan, the northern capital mostly known for fashion, design and finance, is staking its claim to being a centre of art – with the culmination of a plan 50 years in the making. The Grande Brera project, a strategy to bring together several separate cultural institutions into a conglomerate like the Uffizi Galleries in Florence, has just been completed. The dream was conceived more than half a century ago, but various factors, many of them political, saw it stagnate. The early December launch of Palazzo Citterio as a modern art museum was the final piece of the Grande Brera puzzle to fall into place. The opening of Palazzo Citterio as part of the Grande Brera project. Credit: Alamy The Grande Brera comprises Pinacoteca di Brera being the main gallery, the Accademia di Belle Arti di Brera or Brera Academy, the botanical garden Orto Botanico di Brera and the Biblioteca Nazionale Braidense or Braidense National Library, as well as linking the management of the Basilica delle Santa Maria delle Grazie, where Leonardo da Vinci’s delicate The Last Supper is located. The Pinacoteca di Brera, with its origins dating to Napoleon who wanted to create a “little Louvre” to display all the works seized by the French army (on the footprint of an art institution already established by Maria Teresa of Austria), has long held what is considered one of the world’s most significant collections, with important works by the likes of Raphael, Tintoretto and Caravaggio in its auspices, but has lacked enough space to display it to its full advantage. Palazzo Citterio, is now home to a modern art collection that grew through major donations in the 1970s and 1980s. A journalist gets a first look at the centre. Credit: Alamy Stock Photo The wider Brera neighbourhood in which Grande Brera is situated is an artsy enclave at the centre of the city, featuring cobbled streets, upmarket restaurants and shops, and boutique hotels such as Bulgari Hotel Milano, which was the first of the luxury brand’s properties. The Grande Brera is a 15-minute walk from Milan’s famed cathedral, il Duomo di Milano. See pinacotecabrera.org/en/grande-brera/
Robbie Williams, 50, reveals plans to resit his GCSEs after a lifetime of feeling 'stupid' and leaving school without qualifications amid battle with Dyslexia and ADHD Have YOU got a story? Email tips@dailymail.com By GERAINT LLEWELLYN FOR MAILONLINE Published: 22:49 GMT, 22 December 2024 | Updated: 22:49 GMT, 22 December 2024 e-mail View comments Robbie Williams has revealed plans to resit his GCSEs after leaving school with no qualifications which left him feeling 'stupid'. The singer, 50, who has since been diagnosed with dyslexia and ADHD, explained that learning disabilities were not understood during his youth and it has taken him years to shake off feelings of inadequacy. Robbie said he may even consider University in the future after sitting his GCSEs and hinted a possible TV show which would follow his journey back to school. Despite being predicted to earn As and Bs in English, History, and Geography, he ultimately failed all of his exams, before going on to find fame with Take That. Robbie told The Mirror : 'I got nothing higher than a grade D, and everything else I failed or I didn't turn up for. I really want to go back and get them. 'All my life I've felt really stupid because we didn't know about dyslexia in the Seventies and Eighties in Stoke-on-Trent. Robbie Williams, 50, has revealed plans to resit his GCSEs after leaving school with no qualifications which left him feeling 'stupid' The singer, 50, who has since been diagnosed with dyslexia and ADHD, explained that learning disabilities were not understood during his youth (Young Robbie pictured) He continued: 'I've got dyslexia, dyscalculia, ADHD , but we didn't have those then, so I left school thinking I was a dumb-dumb and it's taken ages to get over that'. Dyslexia is a common learning difficulty that can cause problems with reading, writing and spelling. Robbie previously explained that he was 'numerically dyslexic' as he finds it hard to add and subtract numbers together and struggles to remember key dates such as family birthdays. He told The Sun : 'I'm numerically dyslexic. I can't add or subtract. I always get in trouble because I don't know my kids' birth dates and I don't know our anniversary' 'I don't know my wife's birthday, I can't even remember our house in Los Angeles. It has four digits for the start of the address and I can't ever remember what those digits are.' Meanwhile ADHD is a serious, complex neurobiological condition characterised by inattentiveness — such as having a short attention span, being easily distracted, appearing forgetful or losing things — and impulsivity, for instance, being unable to sit still and concentrate. Last year Robbie revealed that his eldest daughter Teddy, 11. also suffered from Dyslexia In an interview with Galore magazine he said: 'My older daughter suffers from dyslexia, just like me.' Robbie said he may even consider University in the future after sitting his GCSEs and hinted a possible TV show which would follow his journey back to school Despite being predicted to earn As and Bs in English, History, and Geography, Robbie ultimately failed all of his exams, before going on to find fame with Take That (pictured 1993) Last year Robbie revealed that his eldest daughter Teddy, 11. also suffered from Dyslexia He continued: 'When I was growing up in Stoke-on-Trent in the Eighties, however, dyslexia was still a completely unknown diagnosis. 'I have to explain to her what dyslexia is, what it means for people, how to deal with it. And that if you suffer from it, you're not automatically stupid.' WHAT IS ADHD? Attention Deficit Hyperactivity Disorder (ADHD) is a behavioural condition defined by inattentiveness, hyperactivity and impulsiveness. It affects around five per cent of children in the US. Some 3.6 per cent of boys and 0.85 per cent of girls suffer in the UK. Symptoms typically appear at an early age and become more noticeable as a child grows. These can also include: Constant fidgeting Poor concentration Excessive movement or talking Acting without thinking Inability to deal with stress Little or no sense of danger Careless mistakes Mood swings Forgetfulness Difficulty organising tasks Continually starting new tasks before finishing old ones Inability to listen or carry out instructions Source: NHS Choices Advertisement Robbie, who shares Charlie, nine, Coco, five, and three-year-old Beau with wife Ayda Field, said that Teddy had been struggling after being abandoned by a friend following her diagnosis with the learning condition. The couple are known for keeping their family life relatively private and away from the spotlight. Robbie said: 'The other thing, one of her friends decided overnight that she didn't want anything to do with her any more. Teddy was devastated, completely desperate. 'I tried to make it clear to her that sometimes you just have to let other people go, that you should let them go - but without sacrificing your own self-esteem in the process. 'This girl did not serve her love and friendship. Again, as I said, I speak from experience.' It comes after Robbie 's hopes of scoring his first Academy Award have been shattered after his latest song was deemed ineligible for a nomination. The singer's track Forbidden Road, from his upcoming biopic Better Man, was shortlisted earlier this week in the for Best Original Song category. However, Oscar bosses have since disqualified the song, saying it shares too many similarities with another tune from 1973, according to Variety . The melody of Forbidden Road has been compared to I Got a Name by Charles Fox-Norman Gimbel, which was performed by Jim Croce in the film, The Last American Hero. The Academy rules state that the lyrics and music of any track submitted in the category, must be 'original and written specifically for the motion picture.' Insiders have claimed to Variety that letters were sent out to the voters of the category, informing them that Robbie's song has been deemed ineligible because it 'incorporates material from an existing song that was not written for the film'. While the letter also stated: 'This is a decision that both honors our rules and protects the special nature of the Original Song and Score categories.' It comes after Robbie 's hopes of scoring his first Academy Award have been shattered after his latest song was deemed ineligible for a nomination The singer's track Forbidden Road, from his upcoming biopic Better Man, was shortlisted earlier this week in the for Best Original Song category (film pictured) The disqualification of Forbidden Road means that the shortlist has been cut down to 14 songs, five of which will receive nominations. Using a preferential voting system, the music branch voters will get to decide which tracks will get nods when for Oscar nominations begins on January 8. It had previously been reported that Robbie was eager to submit his tune for the Oscars, with a source telling The Sun in October: 'Robbie is excited not just for the chance to present his movie to the world, but also to have a crack at the Oscars. 'Paramount has faith in pushing the tune out to voters and promoting the track with their trailers and promos, of courser there are no guarantees, but he has a stellar reputation.' Dyslexia: The learning difficulty that affects one in 10 - but isn't always spotted in early childhood Dyslexia is a common learning difficulty that can cause problems with reading, writing and spelling. Unlike a learning disability, intelligence isn't affected. It's estimated up to one in every 10 people in the UK has some degree of dyslexia. Dyslexia is a lifelong problem that can present challenges on a daily basis, but support is available to improve reading and writing skills and help those with the problem be successful at school and work. What are the signs of dyslexia? Signs of dyslexia usually become apparent when a child starts school and begins to focus more on learning how to read and write. A person with dyslexia may: read and write very slowly confuse the order of letters in words put letters the wrong way round (such as writing 'b' instead of 'd') have poor or inconsistent spelling understand information when told verbally, but have difficulty with information that's written down find it hard to carry out a sequence of directions struggle with planning and organisation But people with dyslexia often have good skills in other areas, such as creative thinking and problem solving. Getting help If you think your child may have dyslexia, the first step is to speak to their teacher or their school's special educational needs co-ordinator (SENCO) about your concerns. They may be able to offer additional support to help your child if necessary. If your child continues to have problems despite extra support, you or the school may want to consider requesting a more in-depth assessment from a specialist dyslexia teacher or an educational psychologist. This can be arranged through the school, or you can request a private assessment by contacting an educational psychologist directly, or a voluntary organisation that can arrange an assessment. Adults who wish to be assessed for dyslexia should contact a local or national dyslexia association for advice. Support for people with dyslexia If your child has dyslexia, they'll probably need extra educational support from their school. With appropriate support, there's usually no reason your child can't go to a mainstream school, although a small number of children may benefit from attending a specialist school. Techniques and support that may help your child include: occasional 1-to-1 teaching or lessons in a small group with a specialist teacher phonics (a special learning technique that focuses on improving the ability to identify and process the smaller sounds that make up words) technology like computers and speech recognition software that may make it easier for your child to read and write when they're a bit older Universities also have specialist staff who can support young people with dyslexia in higher education. Technology such as word processors and electronic organisers can be useful for adults, too. Employers are required to make reasonable adjustments to the workplace to help people with dyslexia, such as allowing extra time for certain tasks. Support groups As well as national dyslexia charities such as the British Dyslexia Association (BDA), there are several local dyslexia associations (LDAs). These are independently registered charities that run workshops and help to provide local support and access to information. What causes dyslexia? People with dyslexia find it difficult to recognise the different sounds that make up words and relate these to letters. Dyslexia isn't related to a person's general level of intelligence. Children and adults of all intellectual abilities can be affected by dyslexia. The exact cause of dyslexia is unknown, but it often appears to run in families. It's thought certain genes inherited from your parents may act together in a way that affects how some parts of the brain develop during early life. Source: NHS Share or comment on this article: Robbie Williams, 50, reveals plans to resit his GCSEs after a lifetime of feeling 'stupid' and leaving school without qualifications amid battle with Dyslexia and ADHD e-mail Add comment
AILE Deadline: AILE Investors Have Opportunity to Lead iLearningEngines, Inc. Securities Fraud LawsuitMeet the Construction Stock That's Quietly Crushing the Market (And Sees More Growth Ahead in 2025)NEW YORK (AP) — Richard Parsons, one of corporate America's most prominent Black executives who held top posts at Time Warner and Citigroup, died Thursday. He was 76. Parsons, who died at his Manhattan home, was diagnosed with multiple myeloma in 2015 and cited “unanticipated complications” from the disease for cutting back on work a few years later. The financial services company Lazard, where Parsons was a longtime board member, confirmed his death. The NBA, where Parsons was interim CEO of the Los Angeles Clippers in 2014, was among organizations offering condolences. “Dick Parsons was a brilliant and transformational leader and a giant of the media industry who led with integrity and never shied away from a challenge,” NBA Commissioner Adam Silver said. Parsons’ friend Ronald Lauder told The New York Times that the cause of death was cancer. Parsons stepped down Dec. 3 from the boards of Lazard and Lauder's company, Estée Lauder, citing health reasons. He had been on Estée Lauder’s board for 25 years. Parsons, a Brooklyn native who started college at 16, was named chairman of Citigroup in 2009, one month after leaving Time Warner Inc., where he helped restore the company’s stature following its much-maligned acquisition by internet provider America Online Inc. He steered Citigroup back to profit after financial turmoil from the subprime mortgage crisis, which upended the economy in 2007 and 2008. Parsons was named to the board of CBS in September 2018 but resigned a month later because of illness. Parsons said in a statement at the time that he was already dealing with multiple myeloma when he joined the board, but “unanticipated complications have created additional new challenges.” He said his doctors advised him to cut back on his commitments to ensure recovery. “Dick’s storied career embodied the finest traditions of American business leadership,” Lazard said in a statement. The company, where Parsons was a board member from 2012 until this month, praised his “unmistakable intelligence and his irresistible warmth.” “Dick was more than an iconic leader in Lazard’s history — he was a testament to how wisdom, warmth, and unwavering judgment could shape not just companies, but people’s lives,” the company said. “His legacy lives on in the countless leaders he counseled, the institutions he renewed, and the doors he opened for others.” Parsons was known as a skilled negotiator, a diplomat and a crisis manager. Although he was with Time Warner through its difficulties with AOL, he earned respect for the company and rebuilt its relations with Wall Street. He streamlined Time Warner’s structure, pared debt and sold Warner Music Group and a book publishing division. He also fended off a challenge from activist investor Carl Icahn in 2006 to break up the company and helped Time Warner reach settlements with investors and regulators over questionable accounting practices at AOL. Parsons joined Time Warner as president in 1995 after serving as chairman and chief executive of Dime Bancorp Inc., one of the largest U.S. thrift institutions. In 2001, after AOL used its fortunes as the leading provider of Internet access in the U.S. to buy Time Warner for $106 billion in stock, Parsons became co-chief operating officer with AOL executive Robert Pittman. In that role, he was in charge of the company’s content businesses, including movie studios and recorded music. He became CEO in 2002 with the retirement of Gerald Levin, one of the key architects of that merger. Parsons was named Time Warner chairman the following year, replacing AOL founder Steve Case, who had also championed the combination. The newly formed company’s Internet division quickly became a drag on Time Warner. The promised synergies between traditional and new media never materialized. AOL began seeing a reduction in subscribers in 2002 as Americans replaced dial-up connections with broadband from cable TV and phone companies. Parsons stepped down as CEO in 2007 and as chairman in 2008. A year later AOL split from Time Warner and began trading as a separate company, following years of struggles to reinvent itself as a business focused on advertising and content. Time Warner is now owned by AT&T Inc. A board member of Citigroup and its predecessor, Citibank, since 1996, Parsons was named chairman in 2009 at a time of turmoil for the financial institution. Citigroup had suffered five straight quarters of losses and received $45 billion in government aid. Its board had been criticized for allowing the bank to invest so heavily in the risky housing market. Citigroup returned to profit under Parsons, starting in 2010, and would not have a quarterly loss again until the fourth quarter of 2017. Parsons retired from that job in 2012. In 2014 he stepped in as interim CEO of the Clippers until Microsoft CEO Steve Ballmer took over later that year. Parsons, a Republican, previously worked as a lawyer for Nelson Rockefeller, a former Republican governor of New York, and in Gerald Ford’s White House. Those early stints gave him grounding in politics and negotiations. He also was an economic adviser on President Barack Obama’s transition team. Parsons, who loved jazz and co-owned a Harlem jazz club, also served as Chairman of the Apollo Theater and the Jazz Foundation of America. And he held positions on the boards of the Smithsonian National Museum of African American History and Culture, the American Museum of Natural History and the Museum of Modern Art in New York City. Parsons played basketball at the University of Hawaii at Manoa and received his law degree from Albany Law School in 1971. He is survived by his wife, Laura, and their family. ___ This obituary was primarily written by the late Associated Press reporter Anick Jesdanun, who died in 2020 .
Poll: Trump, Musk viewed nearly the sameIn recent years, the collective perception of economic conditions and the future seems to be marked by increasing pessimism. Looking around us, we might think we are living in troubled times. Indeed, we have lived through global financial crises like the one in 2008, a pandemic, and other major events, but the impact of these events is often magnified. The focus on negative news in the media and social media can fuel a sense of insecurity and fear about the present and the future. Moreover, human nature predisposes us to pay more attention to negative news, thus increasing the feeling of insecurity. The result is a distorted (as I will show below) but widespread perception that the "golden age" belongs to the past, while the present is dominated by instability and decline. But economic indicators - objective barometers of the state of the economy - offer us a different perspective: the golden age is not to be found in the past, but rather in the present. In this sense, the graph below shows us that today, we are crossing an extraordinary, unprecedented chapter in Romania's economic history. Analyzing the evolution of GDP per capita adjusted to purchasing power parity (a relevant benchmark for measuring economic progress and convergence) from 1862 to today, compared to the developed countries of Western Europe (Germany, France, Great Britain, Italy and Spain), we discover a surprising evolution, culminating in a remarkable performance in recent years. This series of data, probably one of the most extensive of its kind, shows that Romania's level of development has fluctuated between 20% and 40% of the Western European average for about 140 years, maintaining an average of about 30 %. However, in the last two to three decades, Romania has registered accelerated economic growth, which can be considered a real "economic miracle,” propelling us towards a unique level of well-being in our entire history, with increased access to goods and services. After almost a century and a half of underdevelopment, we have overcome the status of a low-income economy and advanced to a medium level of development. From a country deeply affected by the transition from a centralized to a market economy, we have become a complex economy, comparable to the economies of Central and Eastern European countries such as Poland, Slovakia, and Hungary, which are also in the range of 70-80% of the EU average in terms of GDP/ capita PPP. We are at a point where, despite internal and external challenges, we have made important progress, and economically and in terms of living standards, we are closer to the West than we have ever been. A convergence as rapid as that experienced by Romania (and the Central and Eastern European region) in the last two and a half decades is rare. In Romania, the GDP per capita, in terms of purchasing power parity (PPP) compared to the EU average, increased spectacularly from approximately 25% to almost 80% during this period. Although regional disparities still persist in our country, overall progress is undeniable. However, the overall picture of Romania's economic progress hides at least 42 nuances (the 41 counties plus the capital), reflecting notable geographical differences. Although the indicators at the national level show a clearly positive trend, regional inequalities and economic differences between counties create a much more complex and fragmented reality. Even in areas considered developed, there are social groups that have not benefited to the same extent from the process of economic convergence. The economic differences between Romania's counties are obvious. The less-performing areas in terms of GDP per capita reach barely 44-48% of the national average, while top counties such as Brașov, Timiș, and Cluj reach values between 116% and 145%. Bucharest stands out, reaching 280% of the national average. Counties with higher economic performance are generally able to offer higher wages to employees, which increases inequality. Although it is probably the most commonly used indicator to measure economic progress, GDP does not fully capture the true well-being of the population. If we look at stock indicators such as net financial wealth per capita, in contrast to flow indicators such as GDP per capita, we see a gap compared to our neighbors in Central and Eastern Europe. This suggests that while economic growth has been robust, wealth accumulation at the individual level remains a challenge. Although the economic convergence is as clear as possible, the main question mark remains the sustainability of this positive trend. We have a long way to go until the well-being of each county and each social category in Romania approaches the level of those in the European Union. Reality is complex, with many nuances. Furthermore, how we feel – our level of happiness and contentment – depends on a multitude of factors. GDP per capita is a simple indicator and cannot capture the complexity of human feelings. Moreover, certain cognitive biases can distort our perception of the past and present, such as " rosy retrospection ” (the tendency to idealize the past). Many tend to remember their youth or past times as better than they actually were. But returning to the topic of convergence, the question naturally arises: how was this spectacular progress over the last 20-25 years possible? The short answer is: European integration. The European project has a profound impact on our lives, promoting economic cooperation, raising living standards and supporting democracy, freedom and peace among member states. Membership of the European Union played an essential role in the convergence process of Central and Eastern European countries, including Romania. The accelerated development of this region in the last two decades is a case study, a rare example in economic history that highlights the advantages of European integration. Integration into the European Union gave Romania access to a vast common market, structural funds, and unprecedented investment opportunities. The adoption of European standards, the implementation of structural reforms, and the strengthening of democratic institutions were key elements in this process. This success formula can serve as an example for other countries that aspire to European integration, such as the Republic of Moldova. In the context of the recent elections in the Republic of Moldova, the European path is not only a geopolitical option but also a real opportunity for economic development and prosperity, even if this process is long-lasting and will require sustained efforts. According to economic theory, growth is based on two fundamental elements: labor force contribution (number of employees and hours worked – L) and labor productivity (LP). The latter is determined by capital (equipment, factories, infrastructure – K) and total factor productivity (TFP), a measure of the efficiency of the use of economic resources, which reflects innovation, technological progress and the quality of management. To illustrate this concept, imagine a worker from Central and Eastern Europe in a company in Western Europe or the United States. We often observe that it becomes as productive as its Western counterparts. On the other hand, if an employee in a highly developed country were to work in an environment with limited resources, his productivity would decline considerably. This emphasizes the key role that capital and technology play in increasing productivity. European integration has allowed the Romanian workforce to become approximately three times more productive today compared to the beginning of this century, unlocking huge growth potential. Romania's transformation from a closed economy to an open market economy has made it possible for us to participate in international trade and integrate into global value chains. This path has brought challenges and intense competition, but the positive impact on the economy is undeniable. In addition, European funds have supported essential reforms and investments in infrastructure and public services, contributing directly to economic growth. Foreign direct investment (FDI) has also played a decisive role, providing capital and increasing total factor productivity through the transfer of technology and managerial expertise, indispensable elements of a modern economy. Last but not least, strong institutions have played a key role in this transformation, as argued by the 2024 Nobel Prize laureates in Economics, Daron Acemoglu, Simon Johnson, and James Robinson, in their studies of how institutions influence the prosperity of nations. We adopted models, legislative frameworks, and knowledge systems developed and successfully tested in Western Europe, which contributed to increasing Romania's economic stability and competitiveness. In the last quarter of a century, Romania reached an average rate of convergence with the EU average of approximately 2 percentage points per year, but with the approach to the European level, the road becomes increasingly difficult. The pace of convergence is expected to slow in the coming years, both because of the complexity of the next steps and the specific challenges looming on the horizon. The threat of the "middle-income trap" appears, specific to developing countries that have difficulty taking the next step and becoming developed economies. The first limiting factor is the proximity to the technological frontier. If the jump from 25% to 75% of the EU average was challenging but achievable, the increase from 75% to 100% requires constant innovation and massive investment in technology. A relevant analogy would be driving a car in fog on a winding mountain road. Initially, we follow the lights of the car in front (Western models), but once we pass it, we realize that we no longer have a clear guide and must discover our own direction. At the technological frontier, progress depends on our ability to innovate and adapt. The labor market represents another challenge on the road to full convergence. If in the 2000s Romania had a high unemployment rate and a relatively cheap workforce, today the situation has changed. In the context of a reduced natural increase and the problem of emigration, access to highly qualified labor is becoming increasingly difficult. Fiscal policy also becomes a limiting factor. Given that larger, unsustainable deficits have been tolerated in recent years, we see that public debt has grown rapidly, from around 12% of GDP in 2007 to almost 52% in 2024. Prudent management of public finances and gradual fiscal consolidation are essential for maintaining economic stability. European funds will continue to play an important role, but their contribution may diminish in the medium term. As we approach the standard of living of the more developed states in the EU, financial resources will have to be directed to other priorities of the Union. The EU itself faces major challenges, such as the need to improve economic competitiveness (as the Draghi report points out) alongside other strategic initiatives (e.g., defense), supporting other states pursuing the integration or reconstruction of Ukraine. Foreign direct investment (FDI) is another element but with mixed prospects. On the one hand, the tense geopolitical context can discourage investors, who become more cautious in their decisions. On the other hand, the trends of near-shoring and friend-shoring – relocating production closer to the markets or in friendly countries – can create opportunities for Romania if we manage to attract these investments through appropriate policies. In order to continue the convergence process, Romania must develop internal engines of economic growth. A possible catalyst (country project) could be joining the Eurozone. The preparation process and reforms required for the adoption of the euro can stimulate the modernization of the economy and strengthen investor confidence. The road to the euro area is as important as the actual adoption of the single currency. With realistic optimism, it can be said that by the end of this decade, Romania could reach 85-90% of the EU development average. So when was or is the "golden age"? There are objective arguments to suggest that we are in a special time economically, with remarkable progress and unique opportunities. However, as one experienced former central banker said, just like in a relationship, the golden age in economics is often only seen when things stop working. Personally, I would like to believe that our true economic golden age is just ahead, waiting to be built by our efforts and aspirations. In a global context marked by immense challenges, Romania has a real chance to continue its progress. But this chance requires work, vision and commitment, and the first test awaits us next year itself, when we will be faced with the need to gradually reduce macroeconomic vulnerabilities, especially the budget deficit. --- In recent years, the collective perception of economic conditions and the future seems to be marked by increasing pessimism. Looking around us, we might think we are living in troubled times. Indeed, we have lived through global financial crises like the one in 2008, a pandemic, and other major events, but the impact of these events is often magnified. The focus on negative news in the media and social media can fuel a sense of insecurity and fear about the present and the future. Moreover, human nature predisposes us to pay more attention to negative news, thus increasing the feeling of insecurity. The result is a distorted (as I will show below) but widespread perception that the "golden age" belongs to the past, while the present is dominated by instability and decline. But economic indicators - objective barometers of the state of the economy - offer us a different perspective: the golden age is not to be found in the past, but rather in the present. In this sense, the graph below shows us that today, we are crossing an extraordinary, unprecedented chapter in Romania's economic history. Analyzing the evolution of GDP per capita adjusted to purchasing power parity (a relevant benchmark for measuring economic progress and convergence) from 1862 to today, compared to the developed countries of Western Europe (Germany, France, Great Britain, Italy and Spain), we discover a surprising evolution, culminating in a remarkable performance in recent years. This series of data, probably one of the most extensive of its kind, shows that Romania's level of development has fluctuated between 20% and 40% of the Western European average for about 140 years, maintaining an average of about 30 %. However, in the last two to three decades, Romania has registered accelerated economic growth, which can be considered a real "economic miracle,” propelling us towards a unique level of well-being in our entire history, with increased access to goods and services. After almost a century and a half of underdevelopment, we have overcome the status of a low-income economy and advanced to a medium level of development. From a country deeply affected by the transition from a centralized to a market economy, we have become a complex economy, comparable to the economies of Central and Eastern European countries such as Poland, Slovakia, and Hungary, which are also in the range of 70-80% of the EU average in terms of GDP/ capita PPP. We are at a point where, despite internal and external challenges, we have made important progress, and economically and in terms of living standards, we are closer to the West than we have ever been. A convergence as rapid as that experienced by Romania (and the Central and Eastern European region) in the last two and a half decades is rare. In Romania, the GDP per capita, in terms of purchasing power parity (PPP) compared to the EU average, increased spectacularly from approximately 25% to almost 80% during this period. Although regional disparities still persist in our country, overall progress is undeniable. However, the overall picture of Romania's economic progress hides at least 42 nuances (the 41 counties plus the capital), reflecting notable geographical differences. Although the indicators at the national level show a clearly positive trend, regional inequalities and economic differences between counties create a much more complex and fragmented reality. Even in areas considered developed, there are social groups that have not benefited to the same extent from the process of economic convergence. The economic differences between Romania's counties are obvious. The less-performing areas in terms of GDP per capita reach barely 44-48% of the national average, while top counties such as Brașov, Timiș, and Cluj reach values between 116% and 145%. Bucharest stands out, reaching 280% of the national average. Counties with higher economic performance are generally able to offer higher wages to employees, which increases inequality. Although it is probably the most commonly used indicator to measure economic progress, GDP does not fully capture the true well-being of the population. If we look at stock indicators such as net financial wealth per capita, in contrast to flow indicators such as GDP per capita, we see a gap compared to our neighbors in Central and Eastern Europe. This suggests that while economic growth has been robust, wealth accumulation at the individual level remains a challenge. Although the economic convergence is as clear as possible, the main question mark remains the sustainability of this positive trend. We have a long way to go until the well-being of each county and each social category in Romania approaches the level of those in the European Union. Reality is complex, with many nuances. Furthermore, how we feel – our level of happiness and contentment – depends on a multitude of factors. GDP per capita is a simple indicator and cannot capture the complexity of human feelings. Moreover, certain cognitive biases can distort our perception of the past and present, such as " rosy retrospection ” (the tendency to idealize the past). Many tend to remember their youth or past times as better than they actually were. But returning to the topic of convergence, the question naturally arises: how was this spectacular progress over the last 20-25 years possible? The short answer is: European integration. The European project has a profound impact on our lives, promoting economic cooperation, raising living standards and supporting democracy, freedom and peace among member states. Membership of the European Union played an essential role in the convergence process of Central and Eastern European countries, including Romania. The accelerated development of this region in the last two decades is a case study, a rare example in economic history that highlights the advantages of European integration. Integration into the European Union gave Romania access to a vast common market, structural funds, and unprecedented investment opportunities. The adoption of European standards, the implementation of structural reforms, and the strengthening of democratic institutions were key elements in this process. This success formula can serve as an example for other countries that aspire to European integration, such as the Republic of Moldova. In the context of the recent elections in the Republic of Moldova, the European path is not only a geopolitical option but also a real opportunity for economic development and prosperity, even if this process is long-lasting and will require sustained efforts. According to economic theory, growth is based on two fundamental elements: labor force contribution (number of employees and hours worked – L) and labor productivity (LP). The latter is determined by capital (equipment, factories, infrastructure – K) and total factor productivity (TFP), a measure of the efficiency of the use of economic resources, which reflects innovation, technological progress and the quality of management. To illustrate this concept, imagine a worker from Central and Eastern Europe in a company in Western Europe or the United States. We often observe that it becomes as productive as its Western counterparts. On the other hand, if an employee in a highly developed country were to work in an environment with limited resources, his productivity would decline considerably. This emphasizes the key role that capital and technology play in increasing productivity. European integration has allowed the Romanian workforce to become approximately three times more productive today compared to the beginning of this century, unlocking huge growth potential. Romania's transformation from a closed economy to an open market economy has made it possible for us to participate in international trade and integrate into global value chains. This path has brought challenges and intense competition, but the positive impact on the economy is undeniable. In addition, European funds have supported essential reforms and investments in infrastructure and public services, contributing directly to economic growth. Foreign direct investment (FDI) has also played a decisive role, providing capital and increasing total factor productivity through the transfer of technology and managerial expertise, indispensable elements of a modern economy. Last but not least, strong institutions have played a key role in this transformation, as argued by the 2024 Nobel Prize laureates in Economics, Daron Acemoglu, Simon Johnson, and James Robinson, in their studies of how institutions influence the prosperity of nations. We adopted models, legislative frameworks, and knowledge systems developed and successfully tested in Western Europe, which contributed to increasing Romania's economic stability and competitiveness. In the last quarter of a century, Romania reached an average rate of convergence with the EU average of approximately 2 percentage points per year, but with the approach to the European level, the road becomes increasingly difficult. The pace of convergence is expected to slow in the coming years, both because of the complexity of the next steps and the specific challenges looming on the horizon. The threat of the "middle-income trap" appears, specific to developing countries that have difficulty taking the next step and becoming developed economies. The first limiting factor is the proximity to the technological frontier. If the jump from 25% to 75% of the EU average was challenging but achievable, the increase from 75% to 100% requires constant innovation and massive investment in technology. A relevant analogy would be driving a car in fog on a winding mountain road. Initially, we follow the lights of the car in front (Western models), but once we pass it, we realize that we no longer have a clear guide and must discover our own direction. At the technological frontier, progress depends on our ability to innovate and adapt. The labor market represents another challenge on the road to full convergence. If in the 2000s Romania had a high unemployment rate and a relatively cheap workforce, today the situation has changed. In the context of a reduced natural increase and the problem of emigration, access to highly qualified labor is becoming increasingly difficult. Fiscal policy also becomes a limiting factor. Given that larger, unsustainable deficits have been tolerated in recent years, we see that public debt has grown rapidly, from around 12% of GDP in 2007 to almost 52% in 2024. Prudent management of public finances and gradual fiscal consolidation are essential for maintaining economic stability. European funds will continue to play an important role, but their contribution may diminish in the medium term. As we approach the standard of living of the more developed states in the EU, financial resources will have to be directed to other priorities of the Union. The EU itself faces major challenges, such as the need to improve economic competitiveness (as the Draghi report points out) alongside other strategic initiatives (e.g., defense), supporting other states pursuing the integration or reconstruction of Ukraine. Foreign direct investment (FDI) is another element but with mixed prospects. On the one hand, the tense geopolitical context can discourage investors, who become more cautious in their decisions. On the other hand, the trends of near-shoring and friend-shoring – relocating production closer to the markets or in friendly countries – can create opportunities for Romania if we manage to attract these investments through appropriate policies. In order to continue the convergence process, Romania must develop internal engines of economic growth. A possible catalyst (country project) could be joining the Eurozone. The preparation process and reforms required for the adoption of the euro can stimulate the modernization of the economy and strengthen investor confidence. The road to the euro area is as important as the actual adoption of the single currency. With realistic optimism, it can be said that by the end of this decade, Romania could reach 85-90% of the EU development average. So when was or is the "golden age"? There are objective arguments to suggest that we are in a special time economically, with remarkable progress and unique opportunities. However, as one experienced former central banker said, just like in a relationship, the golden age in economics is often only seen when things stop working. Personally, I would like to believe that our true economic golden age is just ahead, waiting to be built by our efforts and aspirations. In a global context marked by immense challenges, Romania has a real chance to continue its progress. But this chance requires work, vision and commitment, and the first test awaits us next year itself, when we will be faced with the need to gradually reduce macroeconomic vulnerabilities, especially the budget deficit. --- In recent years, the collective perception of economic conditions and the future seems to be marked by increasing pessimism. Looking around us, we might think we are living in troubled times. Indeed, we have lived through global financial crises like the one in 2008, a pandemic, and other major events, but the impact of these events is often magnified. The focus on negative news in the media and social media can fuel a sense of insecurity and fear about the present and the future. Moreover, human nature predisposes us to pay more attention to negative news, thus increasing the feeling of insecurity. The result is a distorted (as I will show below) but widespread perception that the "golden age" belongs to the past, while the present is dominated by instability and decline. But economic indicators - objective barometers of the state of the economy - offer us a different perspective: the golden age is not to be found in the past, but rather in the present. In this sense, the graph below shows us that today, we are crossing an extraordinary, unprecedented chapter in Romania's economic history. Analyzing the evolution of GDP per capita adjusted to purchasing power parity (a relevant benchmark for measuring economic progress and convergence) from 1862 to today, compared to the developed countries of Western Europe (Germany, France, Great Britain, Italy and Spain), we discover a surprising evolution, culminating in a remarkable performance in recent years. This series of data, probably one of the most extensive of its kind, shows that Romania's level of development has fluctuated between 20% and 40% of the Western European average for about 140 years, maintaining an average of about 30 %. However, in the last two to three decades, Romania has registered accelerated economic growth, which can be considered a real "economic miracle,” propelling us towards a unique level of well-being in our entire history, with increased access to goods and services. After almost a century and a half of underdevelopment, we have overcome the status of a low-income economy and advanced to a medium level of development. From a country deeply affected by the transition from a centralized to a market economy, we have become a complex economy, comparable to the economies of Central and Eastern European countries such as Poland, Slovakia, and Hungary, which are also in the range of 70-80% of the EU average in terms of GDP/ capita PPP. We are at a point where, despite internal and external challenges, we have made important progress, and economically and in terms of living standards, we are closer to the West than we have ever been. A convergence as rapid as that experienced by Romania (and the Central and Eastern European region) in the last two and a half decades is rare. In Romania, the GDP per capita, in terms of purchasing power parity (PPP) compared to the EU average, increased spectacularly from approximately 25% to almost 80% during this period. Although regional disparities still persist in our country, overall progress is undeniable. However, the overall picture of Romania's economic progress hides at least 42 nuances (the 41 counties plus the capital), reflecting notable geographical differences. Although the indicators at the national level show a clearly positive trend, regional inequalities and economic differences between counties create a much more complex and fragmented reality. Even in areas considered developed, there are social groups that have not benefited to the same extent from the process of economic convergence. The economic differences between Romania's counties are obvious. The less-performing areas in terms of GDP per capita reach barely 44-48% of the national average, while top counties such as Brașov, Timiș, and Cluj reach values between 116% and 145%. Bucharest stands out, reaching 280% of the national average. Counties with higher economic performance are generally able to offer higher wages to employees, which increases inequality. Although it is probably the most commonly used indicator to measure economic progress, GDP does not fully capture the true well-being of the population. If we look at stock indicators such as net financial wealth per capita, in contrast to flow indicators such as GDP per capita, we see a gap compared to our neighbors in Central and Eastern Europe. This suggests that while economic growth has been robust, wealth accumulation at the individual level remains a challenge. Although the economic convergence is as clear as possible, the main question mark remains the sustainability of this positive trend. We have a long way to go until the well-being of each county and each social category in Romania approaches the level of those in the European Union. Reality is complex, with many nuances. Furthermore, how we feel – our level of happiness and contentment – depends on a multitude of factors. GDP per capita is a simple indicator and cannot capture the complexity of human feelings. Moreover, certain cognitive biases can distort our perception of the past and present, such as " rosy retrospection ” (the tendency to idealize the past). Many tend to remember their youth or past times as better than they actually were. But returning to the topic of convergence, the question naturally arises: how was this spectacular progress over the last 20-25 years possible? The short answer is: European integration. The European project has a profound impact on our lives, promoting economic cooperation, raising living standards and supporting democracy, freedom and peace among member states. Membership of the European Union played an essential role in the convergence process of Central and Eastern European countries, including Romania. The accelerated development of this region in the last two decades is a case study, a rare example in economic history that highlights the advantages of European integration. Integration into the European Union gave Romania access to a vast common market, structural funds, and unprecedented investment opportunities. The adoption of European standards, the implementation of structural reforms, and the strengthening of democratic institutions were key elements in this process. This success formula can serve as an example for other countries that aspire to European integration, such as the Republic of Moldova. In the context of the recent elections in the Republic of Moldova, the European path is not only a geopolitical option but also a real opportunity for economic development and prosperity, even if this process is long-lasting and will require sustained efforts. According to economic theory, growth is based on two fundamental elements: labor force contribution (number of employees and hours worked – L) and labor productivity (LP). The latter is determined by capital (equipment, factories, infrastructure – K) and total factor productivity (TFP), a measure of the efficiency of the use of economic resources, which reflects innovation, technological progress and the quality of management. To illustrate this concept, imagine a worker from Central and Eastern Europe in a company in Western Europe or the United States. We often observe that it becomes as productive as its Western counterparts. On the other hand, if an employee in a highly developed country were to work in an environment with limited resources, his productivity would decline considerably. This emphasizes the key role that capital and technology play in increasing productivity. European integration has allowed the Romanian workforce to become approximately three times more productive today compared to the beginning of this century, unlocking huge growth potential. Romania's transformation from a closed economy to an open market economy has made it possible for us to participate in international trade and integrate into global value chains. This path has brought challenges and intense competition, but the positive impact on the economy is undeniable. In addition, European funds have supported essential reforms and investments in infrastructure and public services, contributing directly to economic growth. Foreign direct investment (FDI) has also played a decisive role, providing capital and increasing total factor productivity through the transfer of technology and managerial expertise, indispensable elements of a modern economy. Last but not least, strong institutions have played a key role in this transformation, as argued by the 2024 Nobel Prize laureates in Economics, Daron Acemoglu, Simon Johnson, and James Robinson, in their studies of how institutions influence the prosperity of nations. We adopted models, legislative frameworks, and knowledge systems developed and successfully tested in Western Europe, which contributed to increasing Romania's economic stability and competitiveness. In the last quarter of a century, Romania reached an average rate of convergence with the EU average of approximately 2 percentage points per year, but with the approach to the European level, the road becomes increasingly difficult. The pace of convergence is expected to slow in the coming years, both because of the complexity of the next steps and the specific challenges looming on the horizon. The threat of the "middle-income trap" appears, specific to developing countries that have difficulty taking the next step and becoming developed economies. The first limiting factor is the proximity to the technological frontier. If the jump from 25% to 75% of the EU average was challenging but achievable, the increase from 75% to 100% requires constant innovation and massive investment in technology. A relevant analogy would be driving a car in fog on a winding mountain road. Initially, we follow the lights of the car in front (Western models), but once we pass it, we realize that we no longer have a clear guide and must discover our own direction. At the technological frontier, progress depends on our ability to innovate and adapt. The labor market represents another challenge on the road to full convergence. If in the 2000s Romania had a high unemployment rate and a relatively cheap workforce, today the situation has changed. In the context of a reduced natural increase and the problem of emigration, access to highly qualified labor is becoming increasingly difficult. Fiscal policy also becomes a limiting factor. Given that larger, unsustainable deficits have been tolerated in recent years, we see that public debt has grown rapidly, from around 12% of GDP in 2007 to almost 52% in 2024. Prudent management of public finances and gradual fiscal consolidation are essential for maintaining economic stability. European funds will continue to play an important role, but their contribution may diminish in the medium term. As we approach the standard of living of the more developed states in the EU, financial resources will have to be directed to other priorities of the Union. The EU itself faces major challenges, such as the need to improve economic competitiveness (as the Draghi report points out) alongside other strategic initiatives (e.g., defense), supporting other states pursuing the integration or reconstruction of Ukraine. Foreign direct investment (FDI) is another element but with mixed prospects. On the one hand, the tense geopolitical context can discourage investors, who become more cautious in their decisions. On the other hand, the trends of near-shoring and friend-shoring – relocating production closer to the markets or in friendly countries – can create opportunities for Romania if we manage to attract these investments through appropriate policies. In order to continue the convergence process, Romania must develop internal engines of economic growth. A possible catalyst (country project) could be joining the Eurozone. The preparation process and reforms required for the adoption of the euro can stimulate the modernization of the economy and strengthen investor confidence. The road to the euro area is as important as the actual adoption of the single currency. With realistic optimism, it can be said that by the end of this decade, Romania could reach 85-90% of the EU development average. So when was or is the "golden age"? There are objective arguments to suggest that we are in a special time economically, with remarkable progress and unique opportunities. However, as one experienced former central banker said, just like in a relationship, the golden age in economics is often only seen when things stop working. Personally, I would like to believe that our true economic golden age is just ahead, waiting to be built by our efforts and aspirations. In a global context marked by immense challenges, Romania has a real chance to continue its progress. But this chance requires work, vision and commitment, and the first test awaits us next year itself, when we will be faced with the need to gradually reduce macroeconomic vulnerabilities, especially the budget deficit. ---