Analysis of the contradictions between budgetary and monetary policies of european union in overcoming the consequences of modern crisis
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- Published on Tuesday, 13 August 2013 14:31
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Authors:
P.A. Moroz, Taras Shevchenko National University of Kyiv, Postgraduate Student, Kyiv, Ukraine
Abstract:
Purpose. To review the preconditions of the current crisis in the EU countries and analyze the contradictions of macroeconomic policy in overcoming the consequences of modern crisis in the euro area.
Methodology. We have analyzed the dynamics of euro area economics based on comparison of macroeconomic indicators of Greece, Cyprus and other EU countries, such as: gross nominal domestic product, gross public debt, level of investments in economic system, unemployment rates and CPI, etc., in order to indicate the ‘risk zone’ for some countries whose economies were most affected by the crisis.
Findings. Based on the dynamics of basic macroeconomic indicators and current scientific researches, as well as author’s own conclusions, the correlation between the goals of budgetary and monetary policies of EU under the crisis conditions of economic development has been found out.
Originality. We have considered the correlation between budgetary and monetary policies, when different tools and mechanisms implemented by both policies are aimed on common purpose, overcoming the consequences of modern crisis and ensuring an economic recovery.
Practical value. Comparing the effect of ‘financialization’ of modern economy with the consequences of overproduction in the real sector of developed economies in the years of the Great Depression (30-ies of XX cent.), the author found out the contradictions of budgetary and monetary policies in EU in overcoming the consequences of modern crisis.
References:
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