EUROPEAN DYNAMICS INFLUENCE ON WORLD CRISIS

Cristian Valentin Hapenciuc () and Student Elizabeth Lorena Tcaciuc ()
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Cristian Valentin Hapenciuc: Stefan cel Mare University, Suceava, Romania
Student Elizabeth Lorena Tcaciuc: Stefan cel Mare University, Suceava, Romania

The Annals of the "Stefan cel Mare" University of Suceava. Fascicle of The Faculty of Economics and Public Administration, 2010, vol. 10, issue 2(12), 30-38

Abstract: Main aspect of the European economy is the one marked by the first stage of evolution of the global financial crisis. The main current problem for both the EU and each member state is making the calculation and analysis of complex issues arising from international economic crisis, towards identifying ways and tools useful for prevention or mitigation. Reform of EU budget in 2008/2009 is a key element within the period of European construction and its effects will be visible in the next financial perspective from 2014. Naturally, the return will not be uniform in all 27 Member States and will depend on financial and economic particularities of each country and meteorological factors. However, the Commission believes that EU economic recession ended in the third quarter of 2009, largely due to the exceptional measures for crisis imposed under the European economic recovery. Actual return will be more slowly, given the size and strength of the recession. Overall EU unemployment rate is approaching 10% in 2010 - a rate lower than anticipated - and the budget deficit is almost reaching 7.25% of GDP in 2010. Less optimistic news concerning - among others - employment of working force will continue to decline by about 1% this year and will begin to rise than in 2011. Consumption also has not completely recovered. Although increases least, inflation is under control, partly due to wage stagnation.

Keywords: crisis; economy; evolution; economic depression; crisis aftermath; economic outlook (search for similar items in EconPapers)
Date: 2010
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