European union - the crisis and development challenges and survival

Authors

  • Никола Жарковић Banking Agency of Republika Srpska, Banja Luka

DOI:

https://doi.org/10.7251/ACE1624153Z

Keywords:

crisis, growth, unemployment, deficit, debt, development, integration, innovation

Abstract

The economic crisis has wiped out the progress of European economies achieved in the years before the crisis. Steady economic growth and employment growth that characterized the decade before the crisis are gone. In terms of growth and economic prosperity, the asymmetry of the European Union and the euro zone did not cause major problems. However, the economic crisis in the European Union had a stronger intensity and longer duration compared to the US and the unequal intensity of the individual Member States of the European Union. The crisis has revealed fundamental weaknesses of the European Union. The European Union is facing a great challenge, to ensure prosperous development in the future? The EU needs a greater degree of political and fiscal integration, greater investment in research and development to develop economies based on knowledge and, innovation, quality education, higher level of employment and protection of the environment. The European Union should solve their own weaknesses and further the process of integration to provide new sources of power.

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References

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Published

2016-02-29

How to Cite

Жарковић, Н. (2016). European union - the crisis and development challenges and survival. Acta Economica, 14(24), 153–170. https://doi.org/10.7251/ACE1624153Z

Issue

Section

Review article