Financial crisis spread in the EU and the ways of its mitigation on the national level

Zvezdanović, Jelena (2013) Financial crisis spread in the EU and the ways of its mitigation on the national level. In: National and European Identity in the Process of European Integration. Institute for Interantional Politics and Economics, Belgrade, pp. 502-512. ISBN 978‐86‐7067‐180‐5

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Abstract

The global crisis and the interventionist efforts of state authorities aimed at economic stabilization have caused a lot of controversy about the advantages of free market system and, therefore, revealed a lack of correspondence with the basic premises of neo‐liberal doctrine of ‘minimal’ governance and ‘maximal’ market freedom. It is assumed that in order to recover their economies from recession the most developed countries have decided to place low‐cost loan funds that were used by their central banks to provide banking and real sector. In contrast to them, the underdeveloped countries were forced to seek appropriate international financial and organizational help, since they do not have adequate development strategy. In order to determine the effectiveness of state policies we considered data on total state aid (as % of GDP) used by the EU member states. Besides that, given paper deals with investigation of mutual dependence between total government expenditures (as % of GDP) and public debt levels in these countries.

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