Research PapersMarch 6, 2026
Romania Bilateral Export Dynamics
A quantitative assessment of Romania's bilateral export dynamics with its key European partners-Germany, France and Italy-using quarterly data from 2012:Q1 to 2025:Q4.
View PaperConsilium Policy Advisors Group
Consilium Policy Advisors Group
Our Mission
To conduct in-depth research in order to shape ideas and emerging problems into economic policy issues and support quality economic policy debate in Romania, the region, the EU, and the world.
Our Purpose
To provide a constructive forum for the exchange of ideas and information between key stakeholders in the economic policy formulation process and facilitate public understanding of policy issues.
2017
Established
20+
Years Research & Policy Advisory
100%
Evidence-Based
RO / EU / Global
Focus Area
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Macroeconomic modeling & forecasting & policy analysisMonetary policy & international financeFiscal policy & public financeEconomic competitiveness & tradeEnergy economics & natural resourcesMacroeconomic modeling & forecasting & policy analysisMonetary policy & international financeFiscal policy & public financeEconomic competitiveness & tradeEnergy economics & natural resourcesMacroeconomic modeling & forecasting & policy analysisMonetary policy & international financeFiscal policy & public financeEconomic competitiveness & tradeEnergy economics & natural resourcesMacroeconomic modeling & forecasting & policy analysisMonetary policy & international financeFiscal policy & public financeEconomic competitiveness & tradeEnergy economics & natural resources
Publications
Publications
In-depth research papers and policy analysis
Research PapersFebruary 12, 2026
Silver Prices and Their Implications for the Economy
Back in the 70's the wealthy Hunt brothers became convinced that inflation would destroy the dollar's value. At the time U.S. citizens were prohibited from owning gold, so the Hunt brothers chose silver, then standing at USD 1.50/ounce, as their speculative hedge.
View PaperResearch PapersFebruary 4, 2026
EU Productivity Slowdown: The Whys
By Ella Kallai The productivity slowdown in the EU is well documented. However, what it is less clear is why this is happening. This analysis explores the ‘whys’. Using the most extended time span (1995-2024) for which all current 27 EU countries have available data on Eurostat for detailed sectoral breakdown (64 sectors) the approach to study EU productivity and EU productivity diffusion is based on the distinction between EU frontier countries (EU frontier) and EU follower countries (EU follower)
View PaperResearch PapersJanuary 23, 2026
Macro Risks Report January 2026
A data-driven snapshot of Romania's macroeconomic outlook in a regional context -
View PaperArticlesFeaturedNovember 9, 2025
The Window of Opportunity for a Gradual Budget Deficit Adjustment Is Closing Rapidly
Although the urgency of reducing the budget deficit is widely acknowledged, the political effort to achieve this objective appears increasingly paralysed by the difficulty of reaching consensus within a coalition composed of four parties with differing economic visions.
Read ArticleArticlesFeaturedJune 19, 2025
Noua Economie show: Romania on the edge of the fiscal cliff: how much longer can reality hold?
A discussion between CPAG representatives and INSCOP RESEARCH on the Noua Economie show, moderated by Adrian Mâniuțiu...
View MediaArticlesResearch PapersJune 14, 2025
Fiscal adjustment must be simple, efficient, and to support economic growth
Romania's economy continues to slow down, and the fiscal measures currently being discussed seem to focus mainly on a series of tax increases...
View PaperLeadership
Meet Our Team
Economists and policy experts dedicated to advancing economic policy research
Laurian Lungu
Co-Founder of CPAG
Laurian Lungu holds a PhD in Economics from Cardiff University, a MA in Economics from University of Liverpool and a MBA degree from the Canadian MBA Programme in Bucharest. Previously, he worked in academia, teaching courses in Macroeconomics and Mathematical Methods for both undergraduate and postgraduate degrees at Cardiff University's Economics department. His areas of expertise are in the fields of macroeconomic forecasting, policy modelling, international finance and energy. He is the author of a number of articles and analyses published in internationally renowned professional journals and books. He has been an economic adviser for more than 20 years.
Ella Viktoria Kállai
Co-Founder of CPAG
Ella Viktoria Kállai was a macroeconomist at Alpha Bank Romania and worked in the bank from 2001. Previously she was a research fellow in the Economics Institute of the Academy of Science from Prague, Université de Paris 1, Center for Integration Studies Bonn and Institute for Computer Technique Cluj. She obtained her PhDs in Economics from Université de Paris 1, Pantheone-Sorbonne in July 2000, from Charles University Prague and State University of New York in December 2000. She also has a MA in Mathematics from Babes Bolyai University Cluj and a MA in Economics from Academy of Economics Studies Bucharest. Her main research interests are growth theories, labour markets and human capital, fiscal policy, monetary and financial issues.
Alexandra Irimiea
Director of CPAG
Alexandra Irimiea has more than a decade of experience in economic policy and public affairs, working at the intersection of the private sector and public institutions. Before joining CPAG, she served as Executive Director of the Foreign Investors Council (FIC), having previously worked for many years within its public affairs team. She coordinated strategic advocacy initiatives, represented the business community in dialogue with authorities, and managed key projects aimed at improving Romania's economic and regulatory environment. She holds a Bachelor's Degree in Law and a Master's Degree in Public Institutions Management. Her areas of interest include evidence-based policymaking, competitiveness, fiscal and structural reforms, and long-term economic strategy.
George Ștefan
Lead Researcher
George Ștefan is an Associate Professor in the Department of Economics and Economic Policies at the Bucharest University of Economic Studies (ASE). He holds a PhD in Economics (2015) and has over 12 years of experience in Romania's public administration, including advisory work for the Minister of Finance and roles within the Agency for Foreign Investment and Trade; he previously supported Foreign Investors Council projects on investment and macroeconomic indicators and contributed to the Government of Romania's National Plan for the Adoption of the Euro (2018). His work focuses on fiscal policy, energy transition, labour and healthcare economics, and local development and competitiveness, with research and collaborations involving national institutions and international organisations such as the National Commission for Strategy and Forecast (CNSP), the Aspen Institute Romania, the World Bank, the European Investment Bank, the Korea Development Institute and Bloomberg Philanthropies.
Vlad Bulai
Senior Research Expert
Vlad Bulai has more than 10 years of experience in the energy industry and holds a PhD in economics and international affairs from the Bucharest University of Economic Studies. His areas of interest include the social and economic impact of the energy industry in the energy transition context, as well as the economics of decarbonization.
Scientific Board
Our Scientific Board comprises distinguished academics who provide scientific guidance and ensure methodological rigor in CPAG's research. Their consultative role helps maintain the highest standards of economic analysis.
Patrick Minford
Professor of Applied Economics
Cardiff University
David Meenagh
Professor of Economics
Cardiff Business School
Vo Phuong Mai Le
Professor of Economics
Cardiff Business School
Ruthira Naraidoo
Professor of Economics
University of Pretoria
About CPAG
Independent Economic Think Tank
CPAG serves as a trusted bridge between policymakers, the business community, and society, facilitating public understanding of domestic and international economic policy issues.
Our research helps inform the decision-making of key policymakers, business leaders, and influential thinkers across Romania, the region, the EU, and the world.
Our Impact
We work toward a vision of a more prosperous and economically competitive Romania and region, where evidence-based policy analysis drives sustainable growth.
Through rigorous research and constructive dialogue, we contribute to shaping policies that address the most pressing economic challenges of our time.
Research Areas
- Macroeconomic modeling & forecasting & policy analysis
- Monetary policy & international finance
- Fiscal policy & public finance
- Economic competitiveness & trade
- Energy economics & natural resources
Our Foundation
We believe that evidence-based public policy analysis is essential for sustainable economic development and long-term prosperity, locally and globally.
Independence
Non-partisan analysis free from political or commercial influence.
Dialogue
Facilitating constructive exchange of ideas between policymakers and stakeholders, locally and internationally.
Impact
Applied research that supports and guides economic policy decisions across regions and markets.
Our Purpose
Trusted Voice
Building credibility through rigorous, transparent research
Better Decisions
Supporting informed policymaking with quality analysis worldwide
Long-Term Vision
Focusing on sustainable economic growth strategies for all economies
Transparency
Open methodology and clear communication of findings
Partner With Us
Support Evidence-Based Policy
For organisations looking to help strengthen Romania's, the region's, the EU's, and the world's economic resilience through independent research and informed debate.
Partner With UsResearch Sponsorship
Fund independent studies on critical economic policy areas affecting Romania, the region, the EU, and the world.
Strategic Partnership
Collaborate on long-term research initiatives aligned with your organisation's priorities.
Institutional Support
Contribute to CPAG's mission of fostering evidence-based economic policy debate.