Conference Paper

The paper aims to analyse the current financial crisis. After describing its causes and effects, the study focuses on the crisis’ impact on the global economy, particularly on Central and Eastern European (CEE) economies, which hadn’t yet adopted the euro currency. It also evaluates the measures undertaken by central banks in order to regain the confidence in the financial system and to prevent the repercussion of the crisis’ negative effects; the coordinated actions of USA and the EU countries. I also put forward the crisis’ macroeconomic impact on the CEE countries, especially concerning the fulfillment of Maastricht criteria. Because of the financial crisis some Maastricht criteria would be more difficult to fulfill in the short and medium term, which would make it hard for them to join the euro zone.