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Economic Development Problems And Crisis In The European Union, 2005-2015

Author

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  • GUISAN, M.C.
  • EXPOSITO, P.

Abstract

We analyze economic development of 42 European and Eurasian Countries for the period 2005-2015, and show the negative consequences of the EU austerity policies on the European Union as whole and in many countries. The study includes 25 European Union countries: 14, out of EU15 countries with accession before 1996, and 11 with accession afterwards, and it compares the annual increase of those country for the periods 1990-2005 and 2005-2015. The consequences of austerity policies where negative for 13 out of 14 EU15 countries (all but Germany), with increases lower in the second period, and in particular for 4 countries with decrease of real production per head in the period 2005-2015: France, Italy, Spain and Greece. The austerity policies of the European Union, have failed to solve the economic problems, because they did not have into account important measures to get sustainable development. The persistence of these policies is damaging the trust of many European citizens on the EU bureaucracies, as showed in the Euro-Barometer, and it is provoking a lot of social unrest and political instability in many countries. Here we present a review of the literature on this important question and an analysis of the main policies that should be developed by the European Union in order to favour sustainable development and social inclusion in all its member countries. The analysis has into account a wide macro-econometric view from demand and supply, having into account not only the role of investment and demand but also the role of industry and foreign trade.

Suggested Citation

  • Guisan, M.C. & Exposito, P., 2018. "Economic Development Problems And Crisis In The European Union, 2005-2015," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 18(1), pages 23-34.
  • Handle: RePEc:eaa:aeinde:v:18:y:2018:i:1_2
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    File URL: http://www.usc.es/~economet/reviews/aeid1812.pdf
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    References listed on IDEAS

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    1. Will Bartlett, 2014. "Shut out? South East Europe and the EU’s New Industrial Policy," LEQS – LSE 'Europe in Question' Discussion Paper Series 84, European Institute, LSE.
    2. Walter Paternesi Meloni, 2017. "Austerity & Competitiveness in the Eurozone: a misleading linkage," Departmental Working Papers of Economics - University 'Roma Tre' 0223, Department of Economics - University Roma Tre.
    3. repec:cpn:umkeip:v:16:y:2017:i:2:p:201-217 is not listed on IDEAS
    4. Marconi, Nelson & Reis, Cristina Fróes de Borja & Araújo, Eliane Cristina de, 2016. "Manufacturing and economic development: The actuality of Kaldor's first and second laws," Structural Change and Economic Dynamics, Elsevier, vol. 37(C), pages 75-89.
    5. Sergio González Begega & Eloisa Del Pino, 2017. "From letting Europe in to policy conditionality. Welfare reform in Spain under Austerity," Working Papers 1701, Instituto de Políticas y Bienes Públicos (IPP), CSIC.
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. 35. Futuro de la Unión Europea 2019: salario, empleo y calidad de vida
      by MCG Blogs de Economía in Asociación de Estudios Euro-Americanos: Desarrollo internacional de América, Europa y otras áreas on 2019-05-20 10:32:00

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    1. repec:sdo:regaec:v:27:y:2018:i:2_9 is not listed on IDEAS

    More about this item

    Keywords

    Europe and Eurasia for 1990-2005 and 2005-2015; EU crisis and citizens opinions in Euro-Barometer; EU wrong economic policies; failure of austerity policies; development problems of France; Italy; Spain and Greece.;

    JEL classification:

    • E0 - Macroeconomics and Monetary Economics - - General
    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • O5 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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