CC BY
16
SOLUTIONS OF EUROPEAN PUBLIC DEBT CRISIS S.V. Komikov, graduate student
Financial university under the Government of Russian Federation (Russia, Moscow)
DOI: 10.24411/2411-0450-2019-10628
Abstract. This article describes prerequisites, which led to the European federal debt crisis. There are analyzed possible ways to escape crisis continuation and potential ways of solution. Moreover, there are analyzed problems, which arise in case off regulation setting as well.
Keywords: European federal crisis, crisis prerequisites, regulation, regulation mechanisms, laws, budget policies.
Experts agreed at the moment that the debt crisis of the European Union is affecting not only the economies of the peripheral member states but also those of the other states [1, p. 103]. Since 2010, the number of mill industries has increased, by which time it seemed to be quite stable. However, they also felt this blow that destabilized the market. Today we can be sure say that the eurozone as a whole is under the influence of the crisis, which was a consequence of the events on the bond market in Greece. The reason for the European crisis is also the impossibility to refinance sovereign debt without intermediaries. Debt has increased globally since 2009, and a number of countries have met with satisfactory credit rating forecasts [2]. It is also important to note that Greece is tied to internal government debt due to disproportionate wages for public servants and social spending at a level that this country cannot provide. There are some ambiguous views among experts regarding the causes of the Eurozone crisis. Some of them believe that the main factor is a substantial increase in the investment fund over the period 2000-2007, at the expense of private sector savings. This growth is due to the fact that many global investor markets have reached a new level with excessively high economic growth rates.While others state the reason for the availability of credit between 2002 and 2008, despite a significant share of risk, they have taken advantage of a large number of people. Thus, the population immediately received considerable cash at low interest rates.
As a result, the lenders who granted the loans were in a deplorable financial situation,
as they were faced with a large part of the non-payment of interest, which resisted the free activity of banks and their further bankruptcy.
It is also impossible to exclude such a factor as a relatively low rate of economic growth that lasts from 2008 to today. The habit of granting state grants to private owners and the banking industry has had a significant impact on the development of the European crisis. In order to obtain guaranteed financial support, the largest banks in Greece in February 2012 agreed to participate in the state support program after receiving € 880 million for the security of their property. The end This situation seems unpredictable today. Residents of some countries demonstrate against the policy pursued by the government
In February 2004, the commission had offered five new goals (Headlines)all elements of the Lisbon-EU strategy for sustainable development and stimulus proposals. In the new document, support for agriculture no longer played a primary role and became a subcategory. Nevertheless, representatives of the Council of Europe argue that cuts in the financing of a European village in the next 10 years are unlikely. The agricultural sector has a large share in the export of goods. Therefore, this arrangement implies only maintaining a cost limit for this item. The transformation of the form, not the content, continues: Instead of direct subsidies, income is provided to lower-income farmers. The resources for OSHP in the new European budget will remain the largest expenditure item until 2013. The two main changes proposed
by the Commission in the new budget are, on the one hand, the promotion of growth and competitiveness. Secondly, the Commission proposed a new expenditure item: "Citizenship, Freedom, Security and Justice". In this article, the Commission proposed tripling the budget for the 2007-2013 period. At first glance, this is a new edition. In fact, we are talking about streamlining various programs previously included in the Legal and Internal Affairs issues.
The EU will postpone the necessary reform of its fiscal policy to a later date if its dissatisfied members are not resolutely protesting and raising the status quebriths means that the EU faces stagnation over the next eight years if the Union cannot meet the challenges ahead. The fight between federalists andconfederalistsin the European Union is entering a new hot phase.
The annual budget of the Union shall be fixed by the European Parliament and the Council in accordance with the procedure referred to in Article 4.314 DFES. The multian-nual financial framework and the annual budget are expressed in euro (Article 320 DFES).
The Treaty on the Functioning of the EU provides that the Union shall not adopt acts having a significant budgetary impact without ensuring that the expenditure resulting from those acts is financed from the Union's own resources and in compliance with the established multiannual financial framework can be.,
For example, the financial plan sets out the structure and limits of EU spending over several years and serves as the basis for the development of the annual budget. The current budget for 2007-2013.Defines the following six categories of expenditure:
1) the so-called "sustainable growth", which includes all measures to achieve social and economic integration, employment growth and competitiveness, including the financing of the Structural Funds and the Association Fund (approximately 45% of the budget);
2) the conservation and management of natural resources, including the costs of implementing the common agricultural policy (including all associated costs) event Coston
the program to bring the land out of circulation, financial support Farmers too additional costs guaranteed prices for fishery products (42.5%);
3) citizenship Freedom, security and equity (1.3%);
4) European Union covers as a global partner Financing such asWithasadvertising policyDevelopment, humanitarian aid, neighborhoodand partnership, democracy and human rights,as well as generallyForeign and security policy (5.7%);
5) administrative Expenditure of all EU institutions (5.8%);
6) compensation connected to the entry new members - Bulgaria and Romania (0.1%).
Reduced financing of cohesion policy (cohesionThiswill, above all, have negative consequences for the European periphery: Greece, Portugal, Romania, Bulgaria, the Baltic republics. These countries, in particular the Eastern European Union members most affected by the "sanctions war" between Brussels and Moscow, can no longer afford the same amount European undiscounted before.
The European Parliament's Parliamentary Council has once again agreed on the main areas of budgetary redistribution to the EU Member States for 2016. Compared with last year's document, it envisaged a number of structural reforms in terms of funding areas and the level of appropriations allocated. The current state of the political situation in the worldtheAnalysis, I was forced. The areaBryuselmore financial
resourcestochoose.the issue of refugees, resistance terrorist threats and other issues in the Related attentional security and political stability. The funds earmarked so far for the implementation of regional policy at the regional level had to be redistributed in favor of the world order in order to exit the crisis and at the same time revive foreign trade.
In the Baltic countries, where the government is facing a decline in economic growth and difficulties in granting loans from the European Bank to develop their economies, the consequences of a change in the use of funds are already foreseeable. The current European budget will be based on for next
yearplannedSpending made. An important role in this matter was played by Angela Merkel, who was directly involved in the calculation of the funds that must be collected by all EU members in order to replenish the treasury in Brussels. Part of the State's expenditure on contributions to the European Treasury is covered From relatively minor sources such as fines,dutiesand sugar excise duties, however, most of the appropriations in relation to the GDP of the Länder are deducted from the budget. In the face of a sharp decline in the Treasury, the government is trying to the Number of jobs to increase and the economy in thecrisisrevive. This affects market, as the stagnation rate falls and investment in the industrial sector is attracted. Following the adoption of the new document on the expenditure of the European Ministry of Finance, economic decisions will be taken on market development, employment and employment Increasing competitiveness will be the main part of Go to Euromania- more than 80% of the total budget [3].
Expenditure under the item "security measures" is expected to increase by 25% to 3.8 billion euro. Including the planned strengthening of the European police organization Europol, with 728 million euros, the expenditure provided for overcoming the migration crisis will be increased. GDP figures until 2013.
Serious tests carried out by the European Monetary Union a few years ago forced many experts to question the stability of the European currency.
Governments European Member States Union and European Parliament cannot Agreement on one Union budget for the next years speech Talk about a trillion Euro for the period from 2014 to 2020, reports dew.
Representative of the European government Union and European Parliament lot Months argue over the budget. Did not have timed Representatives of European Commis-
Announce performance Compromise, as in the European Parliament immediately with denied this Information. After previous agreement the maximum amount of expenditure EU in the period from 2014 to 2020 could reach 997 billion euros. Mostar large expenditure item - 325 billion is structural filling Means for its poor regions of the EU. Support costs and development of the agro-industrySectors amount to 278 billion euro. Under Pressure of the United Kingdom and Germany at the summiting February 2013 European leadership adopted a "budget" budget with a maximum spending limit of 908 billion. It is less than was issued in the last six years from 2007 to 2013 - 925 billion and other technical Convincing factors Experts, the following Years only cost even more. Inthe result of months European Commissionconversationsit succeeded the states despite euro crisis and austerity to convince of the need for a sound EU budget.
As shows lifestyle Mechanisms of European regulation - long term and an ongoing process that's not all did not end with the degree with the agreement about the European Union, but won new power. Method such a scheme to quite heterogeneous, when should cover all areas country Life nevertheless, the European Union focused on one the goal is a united Europe. When was said higher European regulation includes as economic, political, so and social methods but all of them designed to maximize efficiency all started processes in European Union [2].
However in our opinion Regulation can not be considered alone as a process Control and coordination some action or solutions. Success, then Regulation depends not only from official legislative bodies file, programs or directions what him carry out. Great value has a factor support such action of EU citizens who are for this should not just understand what happens process and approve but actively participate as well.
sion on the night of Thursday, June 20, 2013
Библиографический список
1. Борко Ю.А. Европейский Союз в XXI веке: текущие дела и фундаментальные проблемы // Современная Европа. - 2015. - №3. - С. 7-16.
2. Тэвдой-Бурмули А.И. Расширение ЕС и эволюция этнополитической ситуации в Европе // Мировая экономика и международные отношения. - 2005. - №10. - С. 33-44.
3. Кавешников Н.Ю. Лиссабонский договор и его последствия для развития ЕС // Актуальные проблемы Европы. - 2010. - №2. - С. 54-76.
ЕВРОПЕЙСКИЙ ДОЛГОВОЙ КРИЗИС: ПЕРСПЕКТИВЫ ВЫХОДА С.В. Комиков, магистрант
Финансовый университет при Правительстве Российской Федерации (Россия, г. Москва)
Аннотация. В данной статье описываются предпосылки, которые стали предвестниками долгового кризиса Европейского Союза. Проведен многофакторный анализ данного явления, какие решения были приняты для выхода из данного положения и проанализированы потенциальные пути решения вопроса. Кроме того, рассмотрены проблемы, которые могут возникать при регулировании данного вопроса.
Ключевые слова: Европейский долговой кризис, предпосылки кризиса, регулирование, механизмы регулирования, законодательные акты, бюджетные политики.
