IMPACT OF THE EURO CRISIS ON EUROPEAN ECONOMIC INTEGRATION

Abstract

The purpose of this research is to determine the impact of the euro crisis on European economic integration processes and to review the measures that are being taken in order for the single currency area to come out of the crisis, to remove its causes and to establish deeper economic integration between member states EU. In addition, the paper presents an overview of theoretical positions on the euro crisis, as well as the problem of crisis interpretation. On the basis of theoretical scientific findings, a conceptual research model was identified in the paper, which determined the connection between the euro crisis and the dimensions of European economic integration. European economic integration are observed through four dimensions: Single market, 2) Level of economic homogeneity between EU member states, 3) Symmetry of policies of EU member states and the degree of correlated business cycles within the EU and 4) Compliance of member states with common institutional achievements and EU legal acquis. The euro crisis is observed through three dimensions: 1) banking crisis, 2) debt crisis and 3) growth and competitiveness crisis.