The implications of European debt crisis on EU enlargement

Kostadinovski, Aleksandar and Gorgieva-Trajkovska, Olivera and Dimitrova, Janka (2013) The implications of European debt crisis on EU enlargement. The Future of Integration, the Future of the European Union. ISSN 978-954-23-0867-6

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Debt crisis in the European Union is the result of the inability of some countries to gain control over growing debt, which created tremendous pressure on the stability and survival of process for further European enlargement. The continued financial support (from the IMF, ECB, and EU) for southern European countries such as Greece, Portugal, and Spain has until now not produced the desired effects. Additionally, the high degree of dependence and relation of the Greek financial market from Cyprus’s banks put the country and EU in an extremely difficult position. The current crisis has, however, posed serious challenges and doubts regarding the cohesion and future integration of the Union. Two factors have contributed to that: (a) the uneven distribution of its impact and (b) the three different levels on which resolutions have been sought: national, EU-wide and Eurozone. These divisions have spurred debates not only on the possibility of further integration, but also on the form that this integration will assume.

Item Type: Article
Uncontrolled Keywords: European Union, Eurozone, debt crisis, integration, financial system.
Subjects: Social Sciences > Economics and business
Divisions: Faculty of Economics
Depositing User: Olivera Trajkovska
Date Deposited: 06 Sep 2013 08:20
Last Modified: 06 Sep 2013 08:20

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