Impact of Contemporary Crisis on the European Union's and United States of America’s Economies

Globalization is a complex set of processes with the purpose of achieving an international integration at economic, military, political, socio-cultural and security level, aiming to equalize the standards of living and develop on a global scale. Just because of globalization, the effects of a global crisis can propagate extremely fast at planetary level, and countries must find the resources to cope with the shocks that may arise. The contemporary phenomenon of globalization, which has widened the global area of economies, sectors and firms confrontation, has laid an emphasis on their competitiveness importance for their favorable position in the international competition. In the same time, has obliged to take proper and concerted measures to stimulate the determining factors of action and to take better advantage of their effects. The purpose of the paper is to determine whether an increase in integration could reduce the disparities between countries. The States and regions need significant financial help to solve various problems and achieve their potential of growth.