| Summary: | The article analyses the factors determining the vulnerability of the European countries to external shocks taking the example of the global 2008-2009 economic slowdown (also called the subprime crisis2) and its impact on economies in Europe. The particular attention is attached to factors related to the fundamentals of the economy, i.e. the GDP growth, fiscal and monetary stability and external stability. Attempting to level of the gap existing in the Polish literature in the empirical research on that problem, the hereby article also refers to wider problems of the macroeconomic factors enhancing economies' capabilities to meet the challenges of global crises and strengthening their competitiveness afterwards. The special attention in the paper was attached to the role of financial and trade openness.
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