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Social Costs Of The European Union In The Context Of The Economic-Financial Crisis


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  • Andreea Gradinaru

    (Alexandru Ioan Cuza University of Iasi, Romania)

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    The start of the financial crisis in mid-2007 at a global scale had a major impact on the European Union’s economy. All member states have been economically affected, but the social effects were mainly of large amplitude. This paper focuses precisely on analysing the social costs which the economic-financial crisis has generated in the European Union. After finishing the study we have noticed that numerous social consequences of the recession have manifested intensely since the beginning of the crisis and continue to do so even today. These consist in the increase of poverty and social exclusion, rise in unemployment, decrease in birth rate, changes regarding the migration process, reduction in income, excessive indebtedness, the disparities between countries contributing to the augmentation of all these.

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    Bibliographic Info

    Article provided by Centre for European Studies, Alexandru Ioan Cuza University in its journal CES Working Papers.

    Volume (Year): 5(4) (2013)
    Issue (Month): (December)
    Pages: 497-511

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    Handle: RePEc:jes:wpaper:y:2013:v:5:p:497-511

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    Keywords: unemployment; poverty; crisis; social gaps; migration; birth rate Romania;

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    1. Carmen M. Reinhart & Kenneth S. Rogoff, 2014. "This Time is Different: A Panoramic View of Eight Centuries of Financial Crises," Annals of Economics and Finance, Society for AEF, vol. 15(2), pages 1065-1188, November.
    2. James Crotty, 2008. "Structural Causes of the Global Financial Crisis: A Critical Assessment of the ‘New Financial Architecture’," Working Papers, Political Economy Research Institute, University of Massachusetts at Amherst wp180, Political Economy Research Institute, University of Massachusetts at Amherst.
    3. Ray Barrell & E. Philip Davis, 2008. "The Evolution of the Financial Crisis of 2007—8," National Institute Economic Review, National Institute of Economic and Social Research, National Institute of Economic and Social Research, vol. 206(1), pages 5-14, October.
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