The Lessons Learned from the Great Recession
Csaba Kurtucz – Faculty of Sciences, University of Pรฉcs, Ifjusรกg รบtja 6, 7624 Pรฉcs, Hungary
7th International Scientific ERAZ Conference โ ERAZ 2021 โ Conference Proceedings: KNOWLEDGE BASED SUSTAINABLE DEVELOPMENT,ย Online/virtual, May 27, 2021
ERAZ Conference Proceedings published by:ย Association of Economists and Managers of the Balkans – Belgrade, Serbia
ERAZ conference partners: Faculty of Economics and Business, Mediterranean University, Montenegro; University of National and World Economy – Sofia, Bulgaria; Faculty of Commercial and Business Studies – Celje, Slovenia; AMBIS University, Prague – Czech Republic; Faculty of Applied Management, Economics and Finance โ Belgrade, Serbia
ERAZ Conference 2021 Conference Proceedings: ISBN 978-86-80194-46-2, ISSN 2683-5568, DOI: https://doi.org/10.31410/ERAZ.2021
Keywords:
Global economic crisis;
Federal Reserve;
GDP
Abstract: The lessons learned from the crisis management of the 2008 Great Recession stem from significant structural differences between the two centers of the world, the United States and the eurozone. In the case of the United States, a monetary, fiscal and political union is realized, with a single economic policy, operates as a coherent unit, uniting the three arยญeas. In the case of the eurozone, we can talk about a monetary union. The crisis has highlighted the structural flaws of the eurozone because without a unified fiscal policy no effective economic policy can be achieved. The sympยญtoms of the euro area crisis werenโt the consequences of the global economยญic downturn; rather the stalling of the integration process, the lack of real convergence, and the weaknesses of monetary and fiscal policy were the problems that have been brought to the fore and exacerbated by the crisis.
ERAZ Conference
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