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Analysis of the contradictions between budgetary and monetary policies of european union in overcoming the consequences of modern crisis

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Category: Economy and management

Last Updated on 28 July 2014

Published on 13 August 2013

Hits: 4056

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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3. Ewing, Jack, “Greek Crisis Leaves Cyprus Mired in Debt”, (2012), available at: http://www.nytimes.com/2012/04/12/business/global/in-cyprus-a-national-quest-to-shore-up-teetering-banks.html?pagewanted=all&_r=0 (accessed April 12, 2012)

4. International Monetary Fund, World Economic Outlook, available at: http://www.imf.org/external/pubs/ft/weo/2013/01/pdf/c3.pdf (accessed April 2013)

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Bazylevich, V.D., (2012), “The conceptualization of economic development mega trends under the current global challenges”, Proc. of the International scientific conference “Paradigm shifting in economic theory in XXI century”, Taras Shevchenko National University of Kyiv, pp. 11–15.

6. Ben Bernanke, Mark Gertler, “Monetary policy and asset price volatility” available at: http://ideas.repec.org/a/fip/fedker/y1999iqivp17-51nv.84no.4.html

7. Андерсен К. Переосмысление экономики в изменившемся мире: три лауреата Нобелевской премии обсуждают уроки, извлеченные из кризиса / К. Андерсен // Финансы&Развитие. – 2011. – Выпуск 48. – № 2. – С. 50–52.

Andersen, K., (2011), “Rethinking of economics in changed world: three Nobel Prize winners discussed the lessons of crisis”, Finance&Development, no.48 (2), pp. 50–52.

8. Treaty on Stability, Coordination and Governance in the Economic and Monetary Union. available at: http://www.european-council.europa.eu/media/639235/st00tscg26_en12.pdf. (accessed March 2, 2012)

9. Introducing the Euro: convergence criteria available at: http://europa.eu/legislation_summaries/other/l25014_en.htm International Monetary Fund, World Economic Outlook Database, available at: http://www.imf.org/external/pubs/ft/weo/2013/01/weodata/index.aspx (accessed April 2013)

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