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| COMPARATIVE ANALYSIS OF THE ANTI-CRISIS POLICIES IN THE EU COUNTRIES
Haldeyeva N.,
Moiseienko K.E., Sr. Lecturer
Donetsk State University of Management
Description of the issue. All cyclic crises are the corrective effects of the world economy within specific segments or individual countries, which had no significant influence on global processes. System crises are higher-level corrections that affect all industrial, economic and political spheres of almost all countries more or less. The current financial crisis is unique both in its depth and scope - it perhaps firstly since the Great Depression gripped the whole world. The predecessor of the 2008 financial crisis was the mort-gage crisis in the U.S., the first signs of which appeared in 2006 in the form of reducing the number of houses sales and in early 2007 escalated into a crisis of risky mortgage loans [1, p.27]. Gradually the mortgage crisis was transforming into a financial and affected not only the United States. Quotes in the stock markets have sharply fallen. The possibility of obtaining capital within the distribution of securities significantly reduced for companies. By early 2008 the crisis has become global and was gradually effecting the reduction of production, demand and commodity prices, rising unemployment.
In the case of unique crisis, there is no proven approaches and scena-rios to overcome it. The more interesting to see how the governments act in such a situation.
While writing this article there were used the following methods of re-search: system analysis and synthesis, statistic, economic, and comparative analysis.
Object of the research is to compare of anti-crisis program of the EU on the ground of France and Germany.
Main results. Franklin Delano Roosevelt [2, p.16-18] John Maynard Keynes, L. von Mises, Friedman, M., D. Eisenhower, P. Samuelson [3] delt with anti-crisis policy. Due to their contribution it is possible to use the theoretical foundations of the financial crisis in practice and to identify the anti-crisis leverage to individual states.
The crisis has begun in the US - the leader of the West and a country with the most powerful economic potential. The year 2009 ended with the US GDP falling by 2.5%, the GDP growth for Japan is negative 5.9%, Germany - negative 5%, and the EU countries - negative 4.1%. In fact, all 27 EU countries are experiencing a significant GDP drop. Not one of the countries mentioned above has reached a break even point. On the whole, the financial crisis has negatively af fected 155 countries of the world, which constitute 77% of world’s States[4].
As for the last two years during the second quarter of 2011, household 2 final consumption expenditure decreased by 0.2% in the euro area and by 0.1% in the EU27 (after +0.2% and 0.0% respectively in the previous quarter). Gross fixed capital formation increased by 0.2% in the euro area and by 0.4% in the EU27 (after +1.8% and +1.2%). Exports grew by 1.0% in the euro area and by 0.6% in the EU27 (after +2.0% and +2.2%). Im-ports rose by 0.5% in the euro area and by 0.4% in the EU27 (after +1.5% and +1.4%)(таблица1) [5].
Table 1
Quarterly growth rates of GDP in volume
country Percentage change compared with the previous quarter Percentage change compared with the same quarter of the previous year
2010 2011 2010 2011
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
EA17 0.4 0.3 0.8 0.2 2.0 2.0 2.4 1.6
EU27 0.5 0.2 0.7 0.2 2.3 2.1 2.4 1.7
Germany 0.8 0.5 1.3 0.1 4.0 3.8 4.6 2.8
France 0.4 0.3 0.9 0.0 1.6 1.4 2.1 1.6
The German government has supported a draft bill allowed the state to nationalize banks that are threatened by bankruptcy. To save the Munich Mortgage Bank Hypo Real Estate Holding AG, working in the property market, the Government of Germany has acquired 8.7% of its shares worth 60 million euros, before this it was allocated 62 billion euros in 2008. In addition, in March of that year The German government has approved new rules for limiting salaries of top managers, then their reward will depend on the long-term success of the company. The Board members will be able to sell at their disposal the shares that are part of the reward, only in 4 years after purchase, instead of 2 years previously. In addition, the compensation by buying a new car was reduced in 2 times.
Providing German manufacturers with direct aid is not in the same scale as in the U.S., as the Opel concern illustrated (it is a part of the U.S. company General Motors), which in March of this year refused to provide direct financial aid. The governmental motivation was that in case of allo-cation of € 3 billion there is not any secure of employment in the country, the money might go to the U.S. [6].
The French government also uses direct aid for system important firms. So in February this year it has provided the country's largest automakers - Alliance PSA Peugeot Citroen and Renault with financial support . Corporations will receive funds of $ 6 billion funds under 6-7%, whereas the rates banks are 11-12%. Manufacturers are guaranteed not to close plants, refuse from staff reduction during payments time for the loan, promise to reduce dividends and reduce bonuses to senior management.
The results of summit G20, which was held in early April 2008 in London, the joint efforts of the countries as specified in the Final Commu-nique (London Summit - Leaders' Statement), will focus on: restoring con-fidence, growth and jobs, strengthening the financial system for credit re-newal; increasing control over the financial markets, financing and reform-ing international financial institutions to overcome this crisis and avoid the new one, promoting international trade and abolition of protectionism to maintain prosperity, building sustainable growth of national economies based on environmentally sound technologies.
In general, G20 will provide the International Monetary Fund (IMF), World Bank and other international institutions with 1.1 trillion. $ 750 bil-lion of it will go to increase the IMF's resources, including 250 billion to issue new SDRs (special drawing rights), 250 billion to support global trade, 100 billion for lending to low-income countries through the Multila-teral Development Banks (MDBs, multilateral development banks) [6].
Conclusions. In general, the anti-crisis programs of the world countries have much in common. They focus on the implementation of measures in three key areas: recovery of the banking and financial system through the injection of financial liquidity, maintaining vulnerable people, and stimu-lating domestic demand through government spending, support system important companies and industries (such as automobile industry, con-struction). Nevertheless, states choose different strategies to overcome the crisis, instruments which differ among themselves. According to the index of competitiveness of 134 countries in 2010, the U.S. took 2nd place, Germany - 7, France - 16 and Ukraine - 82. Compared with the previous year ranking U.S. fell by 1 position in Germany and France has not changed, Ukraine - fell by 10 points [7].
References
1. Григорьев Л. Финансовый кризис – 2008: вхождение в мировую рецессию/Л. Григорьев, М.Салихов//Вопросы экономики. - №12. – 2008г. – С.27-45.
2. Поташов С. Кризис в США: "Великая депрессия 1929–1933 го-дов"/ С. Поташов// Биржевой лидер. - №15. – 2010г. – С.8-21.
3. Мировой кризис и антикризисные теории [электронный ресурс].- Режим доступа: http://www.westeast.us/02/article/4494.html.
4. Muntian V. The World Crisis - The Forecasts Come True / V. Mun-tian//[электронный ресурс]. - Режим доступа: http://www.econoosfera.com.ua/ru/post/25/
5. http://ec.europa.eu/eurostat/euroindicators
6. Лукьянова М. Экономическая компаративистика: сравнение ан-тикризисных программ стран мира [электронный ресурс]. - Режим доступа: http://portal2.rea.ru/
7. The Global Competitiveness Index 2009–2010 rankings and 2008–2009 comparisons [электронный ресурс]. - Режим доступа: http://www.weforum.org/pdf/GCR09/GCR20092010fullrankings.pdf
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