engleski

Economic doctrines and the EU crises

From the beginning of the world financial crisis in the autumn of 2008, the EU started to slide into increasingly complex economic, monetary, sovereign debt and formal functioning crises. What at first looked just as »imported« financial market crisis from the USA, gradually developed into a complex crisis of the EU functioning and of its future development. The impacts of the EU crisis created strong unemployment growth in a number of EU member states. Further it is characterized by low, decreasing, and even negative growth rates in some member countries. The crisis is combined with sovereign debt crisis which is spreading from the PIIGS group to some other EU member states, like Slovenia and Cyprus. Increasing danger of a financial default of same EU members started to create doubts about the credibility of € as the EU common currency and about its future use as the international payments and reserve currency. The policies and proposals to solve the EU growth, employment, monetary, financial, and integration functional problems are based on strategies developed and advocated mostly by central EU nations, predominantly by Germany, France, and Great Britain. The vision how to handle the crises was partially amended after the 2012 presidential election in France. None the less, the major concept of the economic policies proposed for solving the complex EU crisis is based on the so called neo-liberal ideas. In the paper we assess the nature and specifics of the EU crisis. On such grounds we suggest the need for strategic change of the present leading policy concepts used to overcome the EU crisis. Instead of further implementing the neo-liberal approach in the implemented economic actions to overcoming the EU crisis, we suggest implementation of the new strategy and policies which should be based on the ideas and concept developed in the so called economic innovation doctrine.

EU, crisis, indicators of the crisis, economic doctrines, technology and innovation importance

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