The European Project beyond the Financial Crisis

Adina Criste and Iulia Lupu

Ovidius University Annals, Economic Sciences Series, 2013, vol. XIII, issue 1, 179-183

Abstract: The financial crisis that has broken out in 2007, and spread throughout Europe since 2008, has been reflecting on the economic activity and employment, generating economic downturn. Gradually, the European crisis has turned into a social one, by transferring the financial problems into the social field. The objective of this article is to highlight some important effects arising from the financial crisis developments and have social and political implications across European countries. The view that the solution to the European crisis would be the application of the austerity policies has proved to be unsustainable, given that such measures have strained the relations between countries and also within countries. In the future, it remains the risk that the imbalances accumulation in the euro area, and more extended, in the European Union, would generate a polarization phenomenon in Europe by increasing the political dissensions between countries, and thereby would affect the default implementation of the European project

Keywords: austerity policies; unemployment; economic downturn; European governance; political crisis (search for similar items in EconPapers)
JEL-codes: E F (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:ovi:oviste:v:xii:y:2012:i:1:p:179-183

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