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Global Financial Turbulence in the Euro Area

Polish Perspective


Alojzy Nowak

For many years Alojzy Z. Nowak has been observing the major trends in the global economy. In this volume he presents articles by different authors who analyse the impact of the current crisis in the financialisation of the world economy. The contributions also discuss the ethical failures in the most recent financial upheavals and take into account the Polish perspective of these matters. There is a special focus on the question of whether Poland should join the Euro area and how the Euro area can find solutions to its problems.
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Crisis and Innovation



When asked whether the present economic crisis is already on the wane, experts are vague. Some believe that extensive interventions launched by final borrowers (i.e. governments and central banks) have managed to control further escalation of loss of liquidity suffered by regular commercial and financial entities (commercial banks, investment funds, insurance funds, etc.), and that this has brought more optimism into the real economy which should soon translate into more solid economic growth and consistent, if slow-paced, process of recovery from the crisis. Others, instead, point out that, firstly, due to the volume and diversity of financial resources, including toxic assets that remain in circulation, the crisis has in fact only been slowed down a little and that the worst is still to come. Secondly, apart from the USA and some Asian countries, we still face the problem of deteriorating consumer confidence, restricted trust in the future, contradicting strategies for development of global economy as well as that of leading countries and economic/political groups, and, finally, the problem – still observable – of undermined moral principles and lack of ethics in business.

A New Type of Crises

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