A European Perspective
Debt crisis in the euro zone: selected problems of economic and fiscal governance
University of Wrocław, Poland
The global financial crisis has created a range of negative economic, financial and social implications in different parts of the world. The consequences of the crisis were noticeable (and still are) not only in developing countries, which have been so far more susceptible to various economic shocks, but also in developed countries based on the relatively mature market systems. Paradoxically, the global financial collapse became a serious challenge for the Economic and Monetary Union (EMU), which was widely considered as an elitist club of affluent and stable countries, and was one of the major and direct catalysts of the European debt crisis. Furthermore, the violent events during 2008-2013 show that the above-mentioned challenge referred to the specific countries of the Euro zone, which have directly experienced the economic and financial collapse at different scale and for different reasons (the cases of Cyprus, Greece, Spain, Ireland, Portugal, Slovenia, Italy), and was a significant danger for the durability of the whole project of the European monetary integration. In such a context, some reasonable and crucial questions have appeared concerning the durability of the common European currency, its effectiveness and its future which have been asked by academic, political, business and media communities.
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