Details

Autor(en) / Beteiligte

• Gorzelak, Grzegorz
• Goh, Chor-Ching

Titel

Financial Crisis in Central and Eastern Europe: From Similarity to Diversity

Ist Teil von

• Barbara Budrich Publishers, Oct 2010, 292 pp, 2010

Erscheinungsjahr

2010

Quelle

PAIS Index

Beschreibungen/Notizen

• The financial crisis of 2008/2009 has become the most serious challenge for Central and Eastern European countries, after they had completed the process of post-socialist transformation and became EU Members. The negative impacts of the recession on their important international partners multiplied their own tensions and imbalances which, in some cases, have led to a dramatic decline of the GDP, as well as serious cuts in public spending and personal incomes. The situation within this group of countries is far from uniform. On the one hand, there is the example of Poland: the only country in Europe that has not gone through a recession. Then, on the other hand, there are the Baltic Republics that have lost 1/5 of their output. Also, the anti-crisis policies implemented in particular countries were strongly differentiated. Keeping in mind all these differences, one may say that these new Member States, on the whole, have confronted the challenges of the crisis bravely and effectively, due to the great adaptability and flexibility of both their political elites and societies. Thus, they may become an example for other EU Member States, which are currently struggling with economic difficulties and strong social protests against necessary but harsh economic measures.