SOCOL CRISTIAN| MARINAS MARIUS MINIMUM WAGE AS A PUBLIC POLICY INSTRUMENT – PROS AND CONS Figure 6. Minimum wage in selected EU/non-EU countries in Euro(H2 2016) 2000 1,923 1800 1600 1400 1200 1,546 1,537 1,532 1,467 1,440 1,343 1,155 1000 800 600 400 200 764 684 618 514 430 417 415 405 380 370 365 350 288 276 234 215 156 0 urg and nds ium n ce an y UK SA a in ece gal key nia and a t ia a k ia nia tvia blic ary gro nia rbia aria nia bo Irel erla elg Fra rm U Sp Gre ortu Tur Esto Pol Cro lov h ua L a epu ung ene om a Se ulg lba Luxem Neth B G e P e S Li c t h M R H ont R BA Cz S ource: Eurostat, 2016 Figure 7. Minimum wage at purchasing power parity in selected EU/non-EU countries in EUR(H2 2016) 1600 1400 1200 1000 800 600 400 200 0 1443 1431 1409 1391 1262 1164 989 894 848 820 806 626 626 608 606 573 572 542 535 520 480 460 335 an y ium nds n ce and dom erm elg erla Fra Irel ing lov enia Turkey Sp ain ece Gre Pol and a t ia ary Cro ung lova k ia G B eth dK S H S Lit h ua nia Repu E b s l t ic onRom ia a n L i a nten a tvia eg S r e Bulg Alb o rbia aria ania h o U N nite Czec M Within a few years, the"advantage" of cheap and relatively skilled labor will disappear as a result of convergence of income with the European average, even though at a slower pace than the convergence of prices with the EU average. The loss of this advantage will force the process of drawing high value added investments involving advanced technology and investments in human resources, S ource: Eurostat, 2016 research and development, all boosting an endogenous economic growth. Romania will be able to access the target of making the transition from an efficiency-based economy to an innovation-based, according to the phases explained by the World Economic Forum in the Global Competitiveness Report. 17