The Great Recession The Balkans And The Euro

The recession, which started in the USA in autumn 2007, spread to the rest of the world in 2008 and 2009. The Balkan countries were hit hard by the recession. Closely tied to the European Union, they felt the full blow of the crisis in the Eurozone. In a narrow sense, this crisis was caused by weaknesses, contradictions, and inconsistencies of the EMU. In a wider sense, the common denominator of the Great Recession and the crisis in the Eurozone could be found in huge imbalances generated by market fundamentalism and the inability of the neoliberal concept of capitalism to achieve major socioeconomic goals.

The economies of the European countries are still in recession, the development process is at a standstill, companies are facing financial difficulties, and the EU’s monetary policy is tight and focused on lowering inflation. The fiscal problems and high debt levels of the northern European countries are of great importance, and they are the consequences of both the European economy’s structural characteristics and the EU’s policies. The economic area of Eastern Europe, the Balkans and the Black Sea countries is also vital, due to its special economic characteristics. The effects of the economic crisis on this particular area are catalytic, while the prospects for recovery are doubtful. The present book deals with the key aspects of the economic crisis in Europe, especially focusing on southeast Europe and the Balkans. The consequences of the crisis in these countries are analyzed and suggestions for how to address the crisis are outlined.

"Next July Croatia will become the 28th EU member, but as Europe struggles to deal with the euro crisis, has any further enlargement into the Western Balkans frozen to a halt? Although the temptation for the EU is to adopt a 'wait and see' strategy, the stability of the status quo may prove deceptive. There is a silent pact between the enlargement-fatigued and crisis-hit EU member states and rent-seeking Balkan elites who do not mind slowing the pace of reform, with a 'fire-brigade' approach to periodic crises and outbursts of violence in Kosovo and elsewhere. But in a new ECFR paper, "The periphery of the periphery: the Western Balkans and the euro crisis",Dimitar Bechev warns that a failure to deliver transformation in the region would hurt EU credibility in other regions, like the Middle East and former Soviet Union. He argues that: The EU must shift its focus from a narrative based upon security, to one based upon the economy. A Greek exit would send shockwaves through the Western Balkan economies already weakened by the euro crisis, and threaten an economic meltdown -- Stagnation and rising unemployment (especially among the young) wipe out support for the type of reformist policies that the EU supports. The popularity of the EU in the Western Balkans has declined markedly in some areas, as 'Eurorealism' takes over from 'Europhilia' -- Reform remains essential. The Western Balkans are also struggling to cope with the crisis thanks to domestic policy failures, highlighting that 'Europeanisation' needs to be accompanied by deeper transformation. "In good times the EU exported prosperity to the Balkans; now in a time of crisis it is exporting instability. The EU needs to restore a sense of momentum towards enlargement and put pressure on under-performing governments. If not ambitious powers like Russia, Turkey and China will fill the gaps." Key facts: Montenegro opened accession talks on 29th June and hopes to join the EU in a decade -- Serbia was upgraded to candidate status back in March 2012 -- Bosnia may submit a membership application this year, after its 16 month wait for a state level government ended in February 2012 -- Kosovo began a visa liberalisation dialogue with the European Commission on 19th January 2012 -- 2/3 of Western Balkans trade is with the EU"--Publisher's description.

This volume adds to the existing literature on the Great Recession and the variety of current troubles in the European Union by providing the views of someone who has been in the trenches at national and international levels and who has extensive policy and academic experience. Furthermore, it deals, inter alia, with issues of huge importance such as “North-South” and “East-West” cleavages in the EU, problems in the Eurozone, the diminishing resilience of systems, and the rise of a “New Protectionism”. The book voices concerns and dilemmas from the perspective of new EU Member States in a period of “radical uncertainty” and painful policy trade-offs. Its underlying paradigm is that markets are essential for entrepreneurship and economic dynamism, but that market failures and global finance can cause a lot of misery in society unless they are reined in. This volume will be of interest to all those looking for insights into the challenges that the EU, the Eurozone, and emerging European economies have faced during the past decade and on what may lie ahead. Its target audience is policy-making and business circles, academia, research outfits, and NGOs.

Please find a free PDF download available here: http://martenscentre.eu/publications/impact-crisis-eu-perspective-western-balkans Like elsewhere in Europe, the crisis has affected economic developments in the Western Balkans, from Croatia in the north to Albania in the south. The countries in the region face difficulties such as high unemployment, decreased availability of bank credit and reduced trade. Furthermore, the inability of their political institutions to deal immediately with these economic challenges has reinforced the negative effects of the crisis. What does this mean for the Western BalkansÕ accession to and integration within the EU? This paper by Rumiana Jeleva shows that improving the economic situation is an essential precondition for public support for EU integration. At the same time it argues that the pro-European orientation of the Western Balkans ensures that they will continue to look towards the EU, rather than to the US or Russia. This is demonstrated by the fact that they are not merely taking measures to recover from the crisis: they are taking measures that are aligned with European regulations. The Western Balkan countries may have a long way to go to become EU members, but they have proven their commitment to a future within the EU by their pro-European solutions to the crisis. This makes it all the more important for the EU, even in this time of crisis, to continue to support the accession process and bring the Western Balkans closer to the EU.

The world is changing rapidly. The global economic crisis has called into question the political decisions that have been made by all countries for decades and has led to a re-formulation of tools and aims. Adjustments to the new situation are necessary and entail considerable economic and social costs. The Balkan and Black Sea area is an important reference point for the European and global economy. Accordingly, the study of the economic development in the area is of great interest, engaging politicians and scientists alike. Under this framework, the matter of the relation between the area’s countries and the E.U., the role of the banking system and the importance of the primary sector of the economy as an important developmental factor for the countries’ economies are of great importance.​

"Living with Hard Times provides the first comparative study of the socio-political effects of the Great Recession amongst European citizens. It presents a detailed investigation of heterogeneity in the population within countries with respect to how citizens made sense of the crisis and how this impacted their livelihoods, outlooks and political engagement. It analyses citizens' experiences of the economic crisis, the decline of living standards and deprivation by structural location as well as differences in economic outlooks. It also examines the ways in which citizens from different social groups were able to be resilient to the effects of the economic crisis. Moreover, it shows how social support and social capital emerging from social relations contributed to resilience in the face of the crisis. Furthermore, it explores citizen attitudes to various welfare policies and to immigration, and how support for populist parties is differentiated within the population. Finally, the book looks at the impact of the crisis on different types of political action challenging incumbent governments and protesting against austerity policies"--

The South-Eastern European Monetary History Network (SEEMHN) brings together the central banks of seven countries in this region (Austria, Bulgaria, Greece, Romania, Turkey, Serbia and Albania) to shed light on their respective monetary histories. This book includes presentations made at the 2016 conference of this network, and will appeal to central bankers, members of academia and researchers interested in European economic history with a focus on South-Eastern Europe. The contributions here put the spotlight on economic and financial developments, links between economic crises, and the gaps between Europeâ (TM)s core and peripheral economies.

The world is changing rapidly. The global economic crisis has called into question the political decisions that have been made by all countries for decades and has led to a re-formulation of tools and aims. Adjustments to the new situation are necessary and entail considerable economic and social costs. The Balkan and Black Sea area is an important reference point for the European and global economy. Accordingly, the study of the economic development in the area is of great interest, engaging politicians and scientists alike. Under this framework, the matter of the relation between the area’s countries and the E.U., the role of the banking system and the importance of the primary sector of the economy as an important developmental factor for the countries’ economies are of great importance.​