The EU Economic System under the Pressure of a Pandemic: Opportunities and Limits of Transformation

The EU economy is experiencing the third major shock over the last 12 years. First it was the global financial crisis, then the European sovereign debt crisis, and now the COVID-19 pandemic. The economic system of the European Union, that includes national economies and policies and the scope of EU...

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Autor principal:	O. V. Butorina
Formato:	article
Lenguaje:	EN RU
Publicado:	Ассоциация независимых экспертов «Центр изучения кризисного общества» (in English: Association for independent experts “Center for Crisis Society Studies”) 2020
Materias:	european union euro area covid-19 pandemic economic integration eu economic governance eu public finances economic growth unemployment International relations JZ2-6530
Acceso en línea:	https://doaj.org/article/6db5cc390a8e498f8e19c2e2a13953d3
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spelling	oai:doaj.org-article:6db5cc390a8e498f8e19c2e2a13953d32021-11-07T14:45:04ZThe EU Economic System under the Pressure of a Pandemic: Opportunities and Limits of Transformation2542-02402587-932410.23932/2542-0240-2020-13-4-7https://doaj.org/article/6db5cc390a8e498f8e19c2e2a13953d32020-10-01T00:00:00Zhttps://www.ogt-journal.com/jour/article/view/668https://doaj.org/toc/2542-0240https://doaj.org/toc/2587-9324The EU economy is experiencing the third major shock over the last 12 years. First it was the global financial crisis, then the European sovereign debt crisis, and now the COVID-19 pandemic. The economic system of the European Union, that includes national economies and policies and the scope of EU economic policies, takes a severe blow caused by an external factor - the worldwide spread of an extremely contagious virus that threatens people’s lives and health.The article aims at identifying the transformational resource of the EU supranational economic governance in response to a new severe shock.Therefore, two tasks are set. Within the first one, this paper presents an overview of the European economic landscape on the eve of the pandemic, taking into account the long-term trends that emerged after the Great Recession and the euro area debt crisis. Four key features of the “new normal” are highlighted: slow economic growth, fragile labor markets, high levels of government debt and subdued inflation. We study the economic effects of pandemic, or rather, the confinement measures introduced by national governments, on these particular areas.Within the second task this paper evaluates the effectiveness of the key economic responses the EU policy-makers and institutions are taking to counter the impact of the COVID-19 pandemic and to strengthen the resilience of the EU economic system. This approach is translated into the reforms of the EU economic governance under way now with a view of achieving a genuine European and Monetary Union. The paper concludes that with the creation of the single market and the euro the EU has taken almost full advantage of the negative integration. Аnd now to promote growth and employment it has to untap the potential of the positive integration, which benefits arelikely to spread unevenly across regions and social groups.O. V. ButorinaАссоциация независимых экспертов «Центр изучения кризисного общества» (in English: Association for independent experts “Center for Crisis Society Studies”)articleeuropean unioneuro areacovid-19 pandemiceconomic integrationeu economic governanceeu public financeseconomic growthunemploymentInternational relationsJZ2-6530ENRUКонтуры глобальных трансформаций: политика, экономика, право, Vol 13, Iss 4, Pp 144-162 (2020)
institution	DOAJ
collection	DOAJ
language	EN RU
topic	european union euro area covid-19 pandemic economic integration eu economic governance eu public finances economic growth unemployment International relations JZ2-6530
spellingShingle	european union euro area covid-19 pandemic economic integration eu economic governance eu public finances economic growth unemployment International relations JZ2-6530 O. V. Butorina The EU Economic System under the Pressure of a Pandemic: Opportunities and Limits of Transformation
description	The EU economy is experiencing the third major shock over the last 12 years. First it was the global financial crisis, then the European sovereign debt crisis, and now the COVID-19 pandemic. The economic system of the European Union, that includes national economies and policies and the scope of EU economic policies, takes a severe blow caused by an external factor - the worldwide spread of an extremely contagious virus that threatens people’s lives and health.The article aims at identifying the transformational resource of the EU supranational economic governance in response to a new severe shock.Therefore, two tasks are set. Within the first one, this paper presents an overview of the European economic landscape on the eve of the pandemic, taking into account the long-term trends that emerged after the Great Recession and the euro area debt crisis. Four key features of the “new normal” are highlighted: slow economic growth, fragile labor markets, high levels of government debt and subdued inflation. We study the economic effects of pandemic, or rather, the confinement measures introduced by national governments, on these particular areas.Within the second task this paper evaluates the effectiveness of the key economic responses the EU policy-makers and institutions are taking to counter the impact of the COVID-19 pandemic and to strengthen the resilience of the EU economic system. This approach is translated into the reforms of the EU economic governance under way now with a view of achieving a genuine European and Monetary Union. The paper concludes that with the creation of the single market and the euro the EU has taken almost full advantage of the negative integration. Аnd now to promote growth and employment it has to untap the potential of the positive integration, which benefits arelikely to spread unevenly across regions and social groups.
format	article
author	O. V. Butorina
author_facet	O. V. Butorina
author_sort	O. V. Butorina
title	The EU Economic System under the Pressure of a Pandemic: Opportunities and Limits of Transformation
title_short	The EU Economic System under the Pressure of a Pandemic: Opportunities and Limits of Transformation
title_full	The EU Economic System under the Pressure of a Pandemic: Opportunities and Limits of Transformation
title_fullStr	The EU Economic System under the Pressure of a Pandemic: Opportunities and Limits of Transformation
title_full_unstemmed	The EU Economic System under the Pressure of a Pandemic: Opportunities and Limits of Transformation
title_sort	eu economic system under the pressure of a pandemic: opportunities and limits of transformation
publisher	Ассоциация независимых экспертов «Центр изучения кризисного общества» (in English: Association for independent experts “Center for Crisis Society Studies”)
publishDate	2020
url	https://doaj.org/article/6db5cc390a8e498f8e19c2e2a13953d3
work_keys_str_mv	AT ovbutorina theeueconomicsystemunderthepressureofapandemicopportunitiesandlimitsoftransformation AT ovbutorina eueconomicsystemunderthepressureofapandemicopportunitiesandlimitsoftransformation
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The EU Economic System under the Pressure of a Pandemic: Opportunities and Limits of Transformation

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