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Fiscal Policy Challenges in Times of Crisis

Author

Listed:
  • Ionescu Alexandra
  • Dobre Elena
  • Cusu Dorinela

    („Ovidius” University of Constantza)

Abstract

Severely affected by the crisis, considered as the deepest one since the Great Depression between 1929-1933, the European Union’s economy has recorded the sharpest decline in its history starting with the end of 2007. In response to this downturn, interventions included implementing the European Economic Recovery Plan, changing the fiscal policy, together with a coordinated support of all member states to stabilize the financial and banking sector. Still, the instruments used to counteract the negative implications of the crisis and the fiscal measures taken by each state member differ notably, as the economic conditions differ from one state to another. Through this paper we intend to analyze the European Union’s reaction to the new challenges in the economic environment, and in particular, Romania’s way of addressing a period of deep constraints.

Suggested Citation

  • Ionescu Alexandra & Dobre Elena & Cusu Dorinela, 2010. "Fiscal Policy Challenges in Times of Crisis," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 1645-1649, May.
    • Handle: RePEc:ovi:oviste:v:10:y:2010:i:1:p:1645-1649
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    More about this item

    Keywords

    fiscal policy; European economic recovery plan; fiscal adjustments.;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

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