CAUSES AND MEASURES FOR PREVENTING FUTURE CRISIS IN EU

Authors summarized major causes of current financial crisis in EU on global and regional (European) level. On a global level these are credit rating agencies and compensations of CEO directors in financial sector. On regional level these are structural imbalance, increasing debts of EU countries, foreign trade imbalance among EU countries and loss of confidence in debt of EU countries. Measures for preventing future crises in EU according to the authors are improved debt management, application of Keynesian ideas for overcoming the crisis, reform of the criteria for entering the Eurozone, creation of a fiscal union, exit of the PIIGS countries from the Eurozone, taxation of the financial sector and creation of a banking union