UDK 338.124.4(4)
Biblid: 1451-3188, 13 (2014)
Vol. 14, No 47-48, str. 139-160

Izvorni naučni rad
Primljeno: 01 Jan 1970
Prihvaćeno: 01 Jan 1970


Dabić Dragana (Институт за међународну политику и привреду, сарадник),

The Current European Union (EU) crisis came from multiple causes, of which some had been present before global financial crisis (2007/2008). Nevertheless, the economic aspect of the crisis is dominant; hence, it is often referred to as the crisis of economies of the Eurozone or the crisis of the single European currency. This article explores the most significant measures taken by the EU (and its member states) as a response to different manifestations of the economic crisis that still has its enduring effects. Furthermore, the analysis relates to the problems of functioning of the Economic and Monetary Union (EMU). It argues that the EMU’s current institutional architecture that combines a centralized monetary policy and insufficient integration in the fields of economic, budgetary and financial policy coordination is hardly sustainable. Even though, scholars are led by the ideas of facilitating integration going towards a fiscal union. At the EU level, there has not yet been formulated such far-reaching reform programme which would be acceptable to all parties involved. For the time being, the Member States are committed to increasing overseeing of their national fiscal policies. In light of this, the article concludes that while the crisis progressed, the measures of EU became more decisive and farreaching and that there is an undisputable commitment of the parties involved sustaining the common European currency. Nevertheless, it threatens to jeopardise democracy. Alongside with its implications for economic governance, the anti-crisis arrangements of the Union have made raise questions about how united the EU really is. The crisis emphasized the obvious distinction between the Eurozone members and non-members and opened other divisions between the EU member states.

Ključne reči: Eurozone crisis, European Central Bank, sovereign debt crisis, sixpack legislation, European Stability Mechanism, fiscal pact, economic and monetary union