THE ECONOMIC POSITION OF THE EUROPEAN UNION IN THE CONTEMPORARY WORLD. THE RISK-BASED PERSEPCTIVE
Journal Title: Annuals of the Administration and Law - Year 2017, Vol 2, Issue 0
Abstract
The objective of this paper is to identify and analyse the risk shaping the European Union’s (the “EU’s”, or “Union’s”) current position in the global environment. To do this,key subjects are discussed: the identification of the EU’s economic standing in terms of classical economic indicators.The paper endeavours to prove the following: Despite numerous internal and external threats, the European Union remains one of the world’s main economic regions. The statement will be supported by an analysis of both standard economic indicators and qualitative aspects of the EU economy laying the foundations for growth. The empirical part hereof comprises a comparative analysis of the EU’s key macroeconomic data against the global economy and a partial implementation of the PSM model and Scoreboard for the purposes of determining the EU position in the world.The analysis carried out revealed that among material threats and risks to the EU’s current economic position, the economic risks need a special emphasis. Material threats and risks relating to the EU’s current economic situation include: 1) structural features of the European economy: primarily, innovativeness weaker than in the US, support for research in mid-technology areas, a lower share of modern manufacturing structures, large shares of mid- and low-technologies in the production and exports structure; 2) material differentiation of per capita GDP within the Union; 3) gradual decrease and growing differentiation of work productivity and efficiency; 4) excessive de-agrarisation of the EU economy, which might render it dependent on food imports; 5) political instability, low economic growth and high sovereign debt in Italy; 6) demographic situation ref lected in decreasing population of the Union, shrinking labour resources and growing unemployment; 7) intensification of immigration trends; 8) energy cooperation; and 9) threat of occurrence of critical phenomena with respect to the following parameters: financial openness, international investment position, current account balance and current account deficit coverage with FDI<br/><br/>
Authors and Affiliations
Jacek Pera
Keywords
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