Experience of Overcoming of Crisis Phenomena in Some EU Countries

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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).



Abstract

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.


Keywords

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



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