CHALLENGES OF THE RECENT FINANCIAL CRISIS UPON THE EUROPEAN UNION ECONOMIC GOVERNANCE
The process of economic governance constitute a property or a characteristic for a multitude of areas including markets, communities, societies, state, being considered a triggering factor at regional, national or supranational level. The European Union economic governance incorporates some key fe...
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| Format: | Article |
| Language: | English |
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Academica Brâncuşi
2015-07-01
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| Series: | Analele Universităţii Constantin Brâncuşi din Târgu Jiu : Seria Economie |
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| Online Access: | http://www.utgjiu.ro/revista/ec/pdf/2015-03/33_Mihut.pdf |
| Summary: | The process of economic governance constitute a property or a characteristic for a multitude of areas
including markets, communities, societies, state, being considered a triggering factor at regional, national or supranational
level. The European Union economic governance incorporates some key features, namely in this case the
decisions are made as a result of an interconnected action between a complex network that implies different levels of
governing. The purpose of this article is to investigate the obstacles that the process of EU economic governance had
to overcome during the recent financial crisis and the measures that the responsible authorities adopted in order to
improve the general efficiency of this system. The main conclusion of this article is that the recent financial crisis
highlight the limits that the European Union economic governance had in implementing economic policies that assure
a smooth path towards sustainable growth and convergence in the context of a continuous process of integration
between the member states. The new model of economic governance concentrates upon a mechanism of monitoring and
early reporting of any macroeconomic imbalances as well as an intensified monitoring activity within the budgetary
field. |
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| ISSN: | 1844-7007 1844-7007 |