... Union’s exit from the crisis.However, the statistics of recent days indicate that those European countries that were the first to sink deeper into it will probably be among the first to start coming out. I am referring to Italy, first of all.
How will the European Union endure this crisis?
One should not embrace all sorts of theories that this is the beginning of the end of the European Union.In my personal opinion, it is not the case. I believe that the European Union has the potential of resilience againstexternal challenges. ...
The IMF’s diagnosis was that of a “synchronized slowdown” across the globe with the Fund revising its growth projection for global economic growth downwards and putting the 2019 growth estimate at the lowest level since the 2008-2009 financial crisis
This year’s Annual meetings of the IMF and the World Bank in Washington DC revealed a growing preoccupation with the mounting signs of a slowdown in the world economy. The IMF’s diagnosis was that of a “synchronized slowdown” across the ...
... new crisis. Recently, however, economists and investors around the world have been actively discussing the possibility of a crisis as a fairly likely scenario in the near future. Are there any real grounds for these discussions? And what might the consequences ... ... Timofeev:
A New Anarchy? Scenarios for World Order Dynamics
The three main global economic powerhouses – the United States, the European Union and China – are all currently facing serious (albeit different) problems.
At first glance, it would appear that ...
... improved innovations sector and greater competitiveness. For now, Mariano Rajoy’s government, wary of the opposition and electorate, is sticking to cautious statements avoiding any long-term economic strategy.
Prospects
As the sovereign financial crisis and lower international ratings barred the PIGS from servicing their state debts, their gradual recovery from this catastrophic decline was only possible thanks to external credit lines provided by the European Union and the IMF. Except for Spain, assistance hinged on sweeping reforms, mostly aimed at consistent budget consolidation through curtailing spending and hiking taxes, which were developed and strictly monitored by the creditors. Along with ...
... long run, fill the state budget with necessary funds.
The political objectives and the guidelines of the governing body of the European Union have suppressed the critical judgements of the expert economic community, and the model has been marked by the ... ... discussions and down time. Owing to the political nature of the model, the time for carrying out profound structural reforms in the crisis countries has been wasted. While Germany, beginning from 2003, has managed to carry out correction of the mistakes, and ...
... the creation of a single European state with a unified fiscal and budgetary policy, a single minister of finance and a truly unified currency in the not too distant future.
Another issue which even more important; how to ensure sustainability of the European Union, including increasing the resistance of the euro area, due to the crisis in the economies of Spain, Italy, Portugal? If the financial crisis dominoes fell further - and there are signs of this already - the current degree of integration of the euro-zone will not be enough to prevent collapse. It is impossible to allow ...
