Policy Responses to the Global Financial and Economic Crisis in the CEE/SEE Region

Dokmanović, Mirjana (2017) Policy Responses to the Global Financial and Economic Crisis in the CEE/SEE Region. Čigoja štampa and Institute of Social Sciences, Belgrade. ISBN 978-86-531-0291-3

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Abstract

In 2008, the Central European and South Eastern European (CEE/SEE) region was hit by the global financial and economic crisis in the time when it has just begun recovering from the shocks of the transition reforms. This study assesses the impact of the crisis on the human development trends and examines the national emergency policy measures from human rights and gender perspective. The author argues that the governmental responses to the crisis in all CEE/SEE countries have been focused on saving of the banking system and big capital and socializing of risk for wealthy while privatizing of risk for the majority. The tremendous debt which the states have accumulated for the rescue of banks and industries have contributed to further cuts in social expenses and to privatization of public services. Both the national responses to the global crisis and the international assistance to the CEE/SEE present gender-unaware and business-as-usual approaches, including a further deregulation and liberalisation of markets and trade as solutions to dilute the crisis. Social sustainability, empowering vulnerable groups and ensuring equal access to social services have been out of the attention of the policy makers. The lack of the reference to a state’s obligation to protect and fulfil economic and social rights suggests that they are seen derogable in the times of crisis. The reverse effects of the national anti-crisis responses to the enjoyment of the basic human rights should be an important lesson learnt for future.

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