The Impact of EU Financial Crisis and the EU Member States Measures taken to Leave Recession

Simona Moagar Poladian

Revista de Economie Mondiala / The Journal of Global Economics, 2009, vol. 1, issue 4

Abstract: This paper is focussed on the financial packages and fiscal stimuli measures taken by EU as a group and by each EU country for supporting hard-hit sectors like automotive industry, tourism and construction. The economic crisis from 2008-2009 has led to a sharp decrease of investment climate and a massive contraction of economic activity. This means a sharp decrease of capacity utilisation that had led in time to an excessive unemployment especially in the most hit sectors. The financial rescue measures of EU are comprised in European Economic Recovery Plan (EERP). Measures approved are different from country to country, depending by the political support and the strategy chosen by the government. The EU's response to support the real economy during the economic crisis has been taken very fast and well-organized in certain countries and industries. By contrary, some Member States' recovery measures has been approved late and the rescue strategy wasn’t enough achieved. This has led to a deepening of financial instability and unemployment.

Keywords: economic crisis; recovery plan; labour market; Investment; infrastructure; sectoral support; state aid (search for similar items in EconPapers)
JEL-codes: E22 E24 E62 G01 H81 O52 Q48 (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:iem:journl:v:1:y:2009:i:4:id:2822000008754027

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