THE IMPACT OF EUROPEAN UNION ACCESSION ON THE PENSION FUNDS EFFICIENCY Lect.

PhD Georgeta Modiga Danubius University from Galati Abstract Within the last decade of the XX th century the shaping of the macro- economic evolutions and the shaping of these evolutions into social assurance systems accordingly, including the pension funds, got a very strong anchor, which allowed and still allows the achievement of a multiple number of evolution scenarios with a considerable high probability of achievement. This anchor or better anchor variable is the inflation rate, which is usually calculated as consumption prices index, respectively percentage variation of the same from one period to another. The price, in its quality of fundamental economic information or information about attributes, as it is defined in the specialized theory on economy information, is playing a core role as market signal, impacting the offer and as well as the demand. From this point of view the price settlement or in fact the stability or the predictability of the prices evolution, their steady evolution, expressed by the steady inflation rate, gives a predictability attribute to the economic evolutions, encouraging movements of the capital flow, medium and long term investments, and innovation especially as progress floor. On the other hand, the last decades of the XXth century and the first five years of the XXI st revealed a very alert innovation rhythm, not by chance in the area of technology information and communications, in addition to an increase of the capital flows, which determined the as called phenomenon economy globalisation or simply globalisation", as it spread outside the economic filed towards all the other fields of the social life. Considering the above, it is obvious that the entire shaping exercise that we are suggesting and which is aimed to explain the necessity of the active/occupational pension funds and the pensions funds in general others that PAYG in Romania, is using as EXOGENA variable the inflation rate, as it is expressed, sometimes not so accurate as annual percentage variations of the consumption prices index (December current vis a vis December previous) (IPC/CPI%). The main macro-economic variables influencing the evolution of the occupational pension funds efficiency need to be short term forecasted, ten years respectively and long term projected, years 2030 2040. This is in order to be able to cover the population dynamics and all other macro economic dynamics impacting the efficiency of the

pension funds placements, placements which usually have long maturity term..(if for instance, the occupational pension funds will be financed this year, the first payments are released within 15 years from now earliest, or in other words the investments done by these funds should take into account a long term profitability and gains as in works for the commune investments funds) .