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The European Crisis And Its Consequences

Author

Listed:
  • CATALIN HUIDUMAC
  • ALEXANDRU CATALIN POPA

Abstract

The European Union has been one of the most affected places in the world by the global financial crisis. This was not only due to the strong economic ties with America but also to the weaknesses of the European economic model. It's becoming more and more clear that in the European Union the consequences of the crisis will be long-lasting and will involve irreversible changes in the economic model designed and implemented in the early 1990s. In Europe, there are more and more talks about centralized decisions regarding economic policies, more particularly, of a banking union and common fiscal budgets, as solutions to prevent similar shortfalls in future. At the other extreme there are talks about restricting the common currency area or even abandoning the single currency project. This paper aims to analyze the advantages and disadvantages of some of these solutions and to draw, briefly, an European economic model viable in the long term.

Suggested Citation

  • Catalin Huidumac & Alexandru Catalin Popa, 2012. "The European Crisis And Its Consequences," Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 6(1), pages 145-153, November.
    • Handle: RePEc:rom:mancon:v:6:y:2012:i:1:p:145-153
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