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The Impact of EU Financial Crisis and the EU Member States Measures taken to Leave Recession

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  • Simona Moagar Poladian

Abstract

This paper is focussed on the financial packages and fiscal stimuli measures taken by EU as a group and by each EU country for supporting hard-hit sectors like automotive industry, tourism and construction. The economic crisis from 2008-2009 has led to a sharp decrease of investment climate and a massive contraction of economic activity. This means a sharp decrease of capacity utilisation that had led in time to an excessive unemployment especially in the most hit sectors. The financial rescue measures of EU are comprised in European Economic Recovery Plan (EERP). Measures approved are different from country to country, depending by the political support and the strategy chosen by the government. The EU's response to support the real economy during the economic crisis has been taken very fast and well-organized in certain countries and industries. By contrary, some Member States' recovery measures has been approved late and the rescue strategy wasn’t enough achieved. This has led to a deepening of financial instability and unemployment.

Suggested Citation

  • Simona Moagar Poladian, 2009. "The Impact of EU Financial Crisis and the EU Member States Measures taken to Leave Recession," Revista de Economie Mondiala / The Journal of Global Economics, Institute for World Economy, Romanian Academy, vol. 1(4), December.
    • Handle: RePEc:iem:journl:v:1:y:2009:i:4:id:2822000008754027
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    File URL: http://iem.ro/rem/index.php/REM/article/view/26/14
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    More about this item

    Keywords

    economic crisis; recovery plan; labour market; Investment; infrastructure; sectoral support; state aid;
    All these keywords.

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • G01 - Financial Economics - - General - - - Financial Crises
    • H81 - Public Economics - - Miscellaneous Issues - - - Governmental Loans; Loan Guarantees; Credits; Grants; Bailouts
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe
    • Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy

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