By Nikitas-Spiros Koutsoukis, Spyridon Roukanas (auth.), Anastasios Karasavvoglou, Persefoni Polychronidou (eds.)
The economies of the eu international locations are nonetheless in recession, the improvement technique is at a standstill, businesses are dealing with monetary problems, and the EU’s financial coverage is tight and excited about decreasing inflation. The economic difficulties and excessive debt degrees of the northern eu international locations are of significant value, and they're the results of either the ecu economy’s structural features and the EU’s regulations. the commercial zone of japanese Europe, the Balkans and the Black Sea nations is usually important, because of its designated monetary features. the consequences of the commercial trouble in this specific quarter are catalytic, whereas the customers for restoration are uncertain. the current booklet offers with the most important elements of the commercial predicament in Europe, particularly concentrating on southeast Europe and the Balkans. the implications of the trouble in those international locations are analyzed and recommendations for the way to deal with the trouble are outlined.
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Extra resources for Economic Crisis in Europe and the Balkans: Problems and Prospects
The relevant data and ranking is shown in Table 11 and is organized in the following way: – 2011 position: The position in the CPI ranks in 2011. A higher ranking number indicates that the corruption perception for the country is higher than a country with a lower rank. Greece’s rank of 80 implies that Greece is perceived as far more corrupted than Finland’s 2, which would be the equivalent of nearly minimal perceived corruption. A Reputation Risk Perspective on the European Economic Crisis 19 Table 11 Corruption perception index ‘performance’ of member states 2011 Rel rank 80 1 69 2 66 3 39 4 35 5 32 6 31 7 30 8 29 9 25 10 19 11 19 12 16 13 14 14 11 15 7 16 2 17 Source: TI (2011) Lost 9 9 7 5 6 6 7 5 5 6 5 4 4 4 4 4 3 Gained 4 4 5 2 5 3 5 3 6 5 7 8 7 6 6 6 5 Steady 0 0 1 1 2 4 1 1 2 2 1 1 2 3 3 3 5 Start-finish À44 À31 À13 À14 À10 À11 À9 À3 À2 À3 9 À4 1 0 0 1 0 Range 45 40 19 20 10 14 12 12 9 7 11 9 7 6 6 5 5 State Greece Italy Slovakia Malta Slovenia Portugal Spain Cyprus Estonia France Belgium Ireland Austria Germany Luxembourg Netherlands Finland – Rel Rank: Between the states in the Table.
28. The first generation developed by Krugman (1979) was focused on macroeconomic indicators and the evolution of international reserves, the budget deficit, current account deficit and credit developments as potential indicators of a crisis. The second generation of models, which could be considered that of Obstfeld (1996), added elements of economic expectations in predicting crises, and the third generation, which was developed in the last two decades, include indicators of financial sector as potential determinants of a crisis.
Growth forecasts have been revised almost in all Balkan countries. Countries whose growth is dependent on exports will suffer more (Bartlet and Prica 2011) as in 2009 when the global financial crisis affected the economies of these countries. While the real GDP shows slight signs of the euro zone crisis, the financial sector, capital flows and lending indicators show worrying proportions (EBRD 2011). The real credit has been weak, particularly in Croatia and FYROM. The financial system in the Western Balkan countries is dominated by the banking sector, and it has the most important role in stabilizing the financial system 4 The data are provided by EBRD.