Οι επιπτώσεις στην ανταγωνιστικότητα των χωρών της Ευρωπαϊκής Ένωσης μετά την πρόσφατη κρίση χρέους

Αγγελόπουλος, Παναγιώτης

The effects of the recent debt crisis on the European Union’s members competiveness

Master Thesis

Author

Αγγελόπουλος, Παναγιώτης

Date

2016-10

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Keywords

Ισοζύγιο τρεχουσών συναλλαγών ; Δημοσιονομική και νομισματική πολιτική ; Ευρωπαϊκή Ένωση ; Δείκτες οικονομικής συμπεριφοράς ; Ευρωπαϊκή Κεντρική Τράπεζα ; Παγκόσμια μερίδια αγοράς ; Competiveness ; Current Account Balance ; Fiscal and monetary policy ; European Union ; European Central Bank ; Economic behavior indicators ; Global market shares

Abstract

The deterioration of macroeconomic data coupled with the debt crisis that followed the global financial crisis, led the European institutions and the Member States of the European Union in adopting policies to address these imbalances, both in financial and monetary level. The aim of this paper is to highlight the effects of these policies on the competitiveness of EU countries, i.e. their position within an international environment. After one comprehensive report on key concepts the balance of payments and its components as well as in connection with the competitiveness of a country, becomes a presentation of fiscal and monetary policy brought to the EU during the period of crisis and of support mechanisms that were created by the European institutions to tackle this crisis. After examination of the respective changes in the balance of goods and final EU services, the achievement and the extent of convergence of the economies within the framework of specific fiscal and monetary policy measures taken is being presented. The following is the study of the corresponding effects on international competitiveness within the EU Member States using both indicators of analysis economic behavior (consumer price index, producer price index, unit labor cost index and GDP deflator) and the study of qualitative and structural characteristics that determine the international position of a country. The study will be also referred to the changes in market shares of exports and imports at the EU level, with the major economies globally. The present study suggests that fiscal and monetary policy adopted by the time of crisis and beyond, with significant social costs, resulted in addressing the imbalances of the balances of payments of goods and services of the EU primarily by limiting imports, but without this policy improving the competitiveness of these countries at international level.