Economic Conditions of the Economic and Monetary Union Crisis

Abstract

A. J. Kukuła, Economic Conditions of the Economic and Monetary Union Crisis. For Europeans and the European Union the global financial and economic crisis (2007-2013) was a small earthquake which not only deepened the existing socio-economic problems, but also highlighted in a bright way their causes, turning public attention to numerous pathologies in the area of both national and the Community finance and economy which had been previously ignored by leaders of European countries and the European Union. The financial and economic crisis and the numerous problems associated with the functioning of the Economic and Monetary Union (EMU) were paradoxically an impetus for the European Union to revise its existing financial policy and to undertake appropriate reformatory action. The scale and complexity of the problems made it necessary to carry out reforms at both the Community and the Member State levels. According to the author, in discussing the crisis that today affects the Community and the eurozone we should more effectively reach out to the real, deep-seated reasons than be satisfied with the explanations based on often superficial analyzes of visible manifestations of the crisis. In the author’s opinion when undertaking this subject we also need to refer to the theoretical foundations of economic integration thus creating proper conditions for a discussion on the problems of European economic and monetary integration.The purpose of this study is draw attention to the economic, fiscal conditions of the European crisis, the crisis of the EMU and the eurozone, as well as its relationship to the theoretical foundations of economic and monetary integration.