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Monday, October 20, 2014
 

Region Focus


Challenges to CEE economies

Thomas Patrick Gilmartin

For over three years now, Europe has been beset by an economic cataclysm the like of which has not been seen since the 1930s. The European Union (EU), particularly those member-states within the euro currency union, is faced with an unprecedented set of problems and seems to lack any agreed upon vision of how to find a way through them.

The apparent inability of European leaders to understand the root causes of the crisis, let alone propose swift and workable solutions, has led to turmoil in the financial markets in recent months, as well as credit rating downgrades for several European states and for the EU’s financial stability fund. The euro currency union has lacked rigorous central budgetary controls. A single interest rate and currency policy cover vastly divergent economic needs in the Eurozone, the space within the EU where the euro is used. Combined with the budgetary or banking recklessness of several member-states, this has led to what is called contagion — debt crisis in one or two Eurozone states leading to the undermining of market confidence ...

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Above excerpt taken from the March 2012 issue of MultiLingual published by MultiLingual Computing, Inc., 319 North First Avenue, Suite 2, Sandpoint, Idaho 83864-1495 USA, 208-263-8178, Fax: 208-263-6310. Subscribe

March, 2012