The Lessons Learned from the Great Recession
Csaba Kurtucz – Faculty of Sciences, University of Pécs, Ifjuság útja 6, 7624 Pécs, Hungary
7th International Scientific ERAZ Conference – ERAZ 2021 – Conference Proceedings: KNOWLEDGE BASED SUSTAINABLE DEVELOPMENT, Online/virtual, May 27, 2021
ERAZ Conference Proceedings published by: 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 – Belgrade, Serbia
ERAZ Conference 2021 Conference Proceedings: ISBN 978-86-80194-46-2, ISSN 2683-5568, DOI: https://doi.org/10.31410/ERAZ.2021
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 areas. 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 symptoms of the euro area crisis weren’t the consequences of the global economic 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.
Creative Commons Non Commercial CC BY-NC: This article is distributed under the terms of the Creative Commons Attribution-Non-Commercial 4.0 License (https://creativecommons.org/licenses/by-nc/4.0/) which permits non-commercial use, reproduction and distribution of the work without further permission.
ECB. (2016). Monetary policy. ECB. Date of downloading: 2020.01.15. Retrieved from: https:// www.ecb.europa.eu/mopo/implement/omt/html/index.en.html
Federal Reserve. (2010). News events monetary press releases. Federal Reserve. Date of downloading: 2020.01.15. Retrieved from: https://www.federalreserve.gov/newsevents/ pressreleases/monetary 20101125b.htm
Magas, I. (2011). Világgazdasági folyamatok és pénzügyi liberalizáció, 1970-2010. Budapest: BCE Világgazdasági Tanszék. pp 278-279.
Money CNN. (2012). Federal Reserve QE3. Money CNN. Date of downloading: 2020.01.15. Retrieved from: http://money.cnn.com/2012/09/13/news/economy/federal-reserve-qe3/index. html
New York Times. (2014). Federal Reserve. New York Times. Date of downloading: 2020.01.15. Retrieved from: https://www.nytimes.com/2014/10/30/business/federal-reserve-janet-yellen-qe-announcement.html
Trading Economics. (2017a). United States Government debt to GDP. Trading Economics. Date of downloading: 2020.01.15. Retrieved from: http://www.tradingeconomics.com / united-states /government-debt-to-gdp.
Trading Economics. (2017b). USA unemployment rate. Trading Economics. Date of downloading: 2020.01.15. Retrieved from: http://www.tradingeconomics.com/united-states/unemployment-rate.
Trading Economics. (2017c). Eurozone Government debt to GDP. Trading Economics. Date of downloading: 2020.01.15. Retrieved from: http://www.tradingeconomics.com/euro-area/ eurozonedebttogdp.
Trading Economics. (2019a). USA GDP annual growth. Trading Economics. D ate of d ownloading: 2020.01.15. Retrieved from: http://www.tradingeconomics.com/united-states/ gdp-growth-annual.
Trading Economics. (2019b). Eurozone GDP annual growth. Trading Economics. Date of downloading: 2020.01.15. Retrieved from: http://www.tradingeconomics.com/euro-area/ gdp-growth-annual.
The Balance. (2011). What-is-quantitative-easing-definition-and-explanation. The Balance. Date of downloading: 2020.01.15. Retrieved from: https://www.thebalance.com/what-is-quantitative-easing-definition-and-explanation-3305881
The Balance. (2018). Who-owns-the-u-s-national-debt. The Balance. Date of downloading: 2020.01.15. Retrieved from: https://www.thebalance.com/who-owns-the-u-s-national-debt- 3306124?utm_source=emailshare&utm_edium=social&utm_campaign=mobileshare button2