Experience of Overcoming of Crisis Phenomena in Some EU Countries


A. Gutnik, Institute of World Economy and International Relations, Russian Academy of Sciences (IMEMO), 23, Profsoyuznaya Str., Moscow 117997, Russian Federation (anngutnik@mail.ru).
Y. Kvashnin, Institute of World Economy and International Relations, Russian Academy of Sciences (IMEMO), 23, Profsoyuznaya Str., Moscow 117997, Russian Federation (ykvashnin@gmail.com).
V. Olenchenko, Institute of World Economy and International Relations, Russian Academy of Sciences (IMEMO), 23, Profsoyuznaya Str., Moscow 117997, Russian Federation (olenchenko.vladimir@mail.ru).
A. Shchedrin, Institute of World Economy and International Relations, Russian Academy of Sciences (IMEMO), 23, Profsoyuznaya Str., Moscow 117997, Russian Federation (aschedrin@imemo.ru).
A. Volkov, Institute of World Economy and International Relations, Russian Academy of Sciences (IMEMO), 23, Profsoyuznaya Str., Moscow, 117997, Russian Federation (volkov@imemo.ru).


The article analyses the most recent experience of anti-recessionary policies in several EU member nations, such as UK, Nordic countries (especially Sweden), Ireland, Baltic countries and Greece. As for Great Britain, its government implemented traditional package of anti-crisis measures aimed at support of national financial system and stimulation of economic growth. By 2010 the nation reached relative economic stability and then proceeded into a slow recovery. Still, the crisis highlighted serious risks of ongoing financialization and de-industrialization in the UK. So, the government began to develop a long-term program of modernization and structural reshaping of national economy. Nordic countries also actively used Keynesian-type anti-crisis measures. The most interesting is Swedish case. The nation passed the global financial and economic crisis of 2008-2009 smoother than other EU members due to deep institutional reforms undertaken after the acute crisis of 1991-1993. Then Sweden experienced a deep fall of GDP combined with a crisis of local banks, surge of interest rates and unemployment level, weakening of national currency. This pushed Riksbank to introduce strict measures for limiting the inflation rate, Riksdag – caps for state budget expenditure. State sector of national economy was substantially decreased. These measures proved to have long-term positive implications. In contrast, Ireland that enjoyed an impressive economic growth before 2008 was badly prepared to external shocks. The Irish government’s reactions to financial and economic turmoil were rather spontaneous. The main task was to stabilize the local financial system that suffered from excessive dependency on foreign markets. Only by 2014 Ireland showed signs of economic recovery. Similarly, Baltic countries found themselves to be ill prepared for functioning under economic crisis conditions. Neither national governments nor EU Commission succeeded to propose efficient anti-crisis actions. As a result, population of Baltic nations most heavily suffered from the crisis. In Greece crisis made inevitable substantial revision of national social and economic model, as well as the political parties’ system. Under strong pressures from the EU Greece at last started to implement long-needed reforms in such spheres as budget planning, labor legislation, social insurance, healthcare and education.


European Union, financial and economic crisis, anti-crisis policies, state budget, unemployment, UK, Sweden, Ireland, Baltic countries, Greece

Registered in system SCIENCE INDEX

For citation:
Volkov A., Gutnick A., Kvashnin Y., Olenchenko V., Shchedrin A. Experience of Overcoming of Crisis Phenomena in Some EU Countries. Mirovaya ekonomika i mezhdunarodnye otnosheniya, 2015, No 3, pp. 35-47

Comments (0)

No comments

Add comment

Current Issue
Submit an Article

Dear readers!
Please note that free access to full-text issues of the Journal is being opened at our WEB-site after 6 months of the date of publications. Currently, the releases of 2015–2018 are available for free. The work on deepening the open archive of full-text issues will be continued.

Dear readers!
This is to inform the researchers of the Institute of World Economy and International Relations that electronic version of the 4-nd issue of 2019 of French magazine Politique étrangère is now available. Those who are interested, please personally address to the editorial staff of MEMO Journal (room 18-17) with an electronic media (e-mailing is not possible because of technical reasons).


In response to the challenges of our time the Editorial board continues to open new thematic rubrics:

“The Common Spaces”. The XX century was marked by the process of active development of the so-called common spaces, namely the World ocean, outer space and the Internet which, due to various reasons, were previously perceived as peripheral for the mankind and were not used at all or less intensively. Since then, the degree of their development and usage is constantly increasing. Even though the prospects of obtaining material dividends from their use are often extremely remote, the level of competition there is steadily increasing, resulting in growing inter-state conflicts’ potential.

“Silk Road and prospects of Great Eurasia”. It is planned to publish materials concerning the Chinese project of Silk Road and its impact on the socio-economic development of various countries in Eurasia and the integration processes in this mega-region.

“Africa today and tomorrow”The rubric devoted to contemporary issues of Africa which is attracting growing interest of the world's leading actors. We plan to publish the articles analyzing the status of statehood, socio-economic and political development of the countries of Black continent, as well as the integration processes between them.

“Civilization processes of modern development” is a new rubric opened by MEMO Journal in 2020. It will be devoted to the analysis of the influence of civilizational factors and inter-civilizational interactions on the political and socio-economic development of the world at whole, regions and countries.

Dear colleagues, authors and readers!

We kindly request you to turn to editor-in-chief and executive secretary directly concerning reviewing scientific publications in our journal. Only editor-in-chief takes decision on order and publication the reviews!


"World Eonomy and International Relations" announces a contest for the best joint academic publications of domestic and foreign researchers and experts in topical issues of the world economy and international relations. The winners will be selected according to the results of peer reviewing and discussion at the Editorial Board. The articles will be published in priority order.


The print version of “World Economy and International Relations” journal is distributed by advance subscription only, and is not offered for retail sale. To subscribe please address to any post office in Russia by referring to the Federal Postal Service Union Catalogue, section “ARSMI”, the journal index is 70542. The subscription may be made for the whole subscription period or starting from any nearest available month for desired number of issues.

To purchase the full-text electronic version of the journal’s issue/article please address to the WEB portal of Scientific electronic library eLIBRARY.ru or URL: https://press.gaugn.ru/.

In journal
                     Articles by year
                     Authors by year
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 |

The author’s opinions may not coincide with the position of editorial