| Publication |
2014.
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| Summary/Abstract |
The euro is a young currency that has all chances to make Europe a global player if the problems associated with its "premature birth" are solved in a decisive manner. The fiscal authorities should resort to extraordinary measures in order to accelerate economic growth, reduce unemployment, and boost the continent's competitiveness. For years the economic situation in Europe has been a matter of deep concern to politicians and economists. The European Union remains the largest economic power in the world, accounting for more than 20% of global gross product, possessing a huge export potential generating up to 16.4% of international trade with 161 of the world's top 500 companies, and with ample technological and financial resources. However, the EU economy is growing way too slow and its problems are becoming increasingly noticeable. The reason for this has been mentioned many times: poorly regulated public finance in the eurozone countries, which became particularly obvious during the global crisis of 2008-2009.
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