Economic and social consequences of the crisis for the member countries of the European Union and measures for their mitigation
Journal Title: Zarządzanie i Finanse - Year 2012, Vol 10, Issue 2
Abstract
In mid-2007 a large-scale economic crisis has occurred, first in the United States, later in the European Union, ultimately affecting most countries worldwide. In the EU member states the crisis has manifested itself by a substantial fall in GDP, consumption, employment, export and import, as well as by a marked increase in unemployment, budget deficit, and public debt. An immediate result of the crisis in the EU member states was worsening of the economic and social situation. Among the EU member states the most adversely affected by the crisis have been Ireland, Spain, Portugal and the so-called Baltic countries, i.e. Lithuania, Latvia and Estonia. In order to reduce the impact of the crisis the member states have implemented economic stimulus packages. However, the results that these measures are to deliver will be only known in the coming years, since they depend on the economic situation worldwide, which is currently unstable and difficult to forecast.
Authors and Affiliations
Dorota Czykier-Wierzba
Keywords
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