Europe in the context of the global economic crisis

Mihaela Roberta Stanef-Puică and Alina Ştefania CHENIC (creţu)
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Mihaela Roberta Stanef-Puică: Bucharest University of Economic Studies, Romania
Alina Ştefania CHENIC (creţu): Bucharest University of Economic Studies, Romania

Theoretical and Applied Economics, 2015, vol. XXII, issue Special(I), 57-62

Abstract: Since 2008, Europe has seen an economic downturn that has brought several nations to the brink of bankruptcy - and its resounding effects are still being felt. The recession is changing the way many people live and the way they perceive their prospects for the near and more distant future. Its longer term consequences will not be known for some time, but something can be learned from the effect on individuals and households who experienced financial hardship. Europe is in the middle of an economic and social storm, although the turmoil since the mid-2008 originated elsewhere. Within this dynamics, the faulty design of the ‘single currency’ is a key element that was dividing the ‘core’ of Northern Europe and the ‘periphery’, mostly composed of Southern European countries. A way out of the crisis requires not only monetary reforms and expansionary coordinated fiscal measures, but also a wholesale change of economic model. This latter must be built upon a new ‘engine’ of demand and growth.

Keywords: economic crisis; European construction; austerity policies; behavioral economics. (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:agr:journl:v:xxii:y:2015:i:special(i):p:57-62

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