Abstract

Goal – The authors undertake to assess the scale and form of anti-crisis state assistance in the context of restoring the stability of the financial system in the EU. Such assistance is a form of intervention undertaken independently by EU Member States under the conditions of admissibility applicable in the EU. The applied instruments include: state aid (discussed in detail in this paper) and financial assistance on general terms applied in the form of unconventional instruments. The authors attempt to answer two basic questions: Was anti-crisis assistance necessary in the EU in order to maintain the stability of the financial system? What are the long-term consequences of implementing such measures at the EU level and in individual EU Member States?Research methodology – The study uses the method of analysis of partial phenomena and identification of causal changes occurring in the financial system. On this basis, theoretical inference is carried out allowing to determine whether the anti-crisis measures used by EU financial policy have brought tangible results for the financial system and the real economy. In order to formulate final conclusions, available statistical data and the results of research conducted on an international level are analyzed. Next, the current value of financial aid is estimated and the adopted assumptions and efficiency of the implemented instruments of state financial policy are analyzed and assessed.Score – In view of the objective and scope of the conducted research, it is expected that the obtained results will allow the authors to identify the scale of public aid and the assistance provided in the form of unconventional financial policy instruments implemented during the global financial crisis. This approach will make it possible to perform an appraisal of the use of selected mechanisms for stabilizing the financial system. The conducted research should enable the authors to assess the impact of anti-crisis aid on the state of public finances and the stability of the market financial system.

Highlights

  • The recent global financial crisis exposed numerous threats, disproportions, inequalities, and areas of the financial system which require the application of a new approach, reorganization, or even implementation of certain corrective activities

  • Score – In view of the objective and scope of the conducted research, it is expected that the obtained results will allow the authors to identify the scale of public aid and the assistance provided in the form of unconventional financial policy instruments implemented during the global financial crisis

  • They resorted to granting financial aid, in various forms and scopes, in order to restore the stability of the financial system, reducing the financial and social costs of the crisis, as well as to stimulate the processes which underpin economic growth and development

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Summary

Summary

Score – In view of the objective and scope of the conducted research, it is expected that the obtained results will allow the authors to identify the scale of public aid and the assistance provided in the form of unconventional financial policy instruments implemented during the global financial crisis. This approach will make it possible to perform an appraisal of the use of selected mechanisms for stabilizing the financial system. The conducted research should enable the authors to assess the impact of anti-crisis aid on the state of public finances and the stability of the market financial system

Introduction
Financial system and factors of its stability
Admissibility of public aid: the principles
Instruments and scale of state aid during financial crisis
Findings
Conclusion: assessment of anti-crisis aid
Full Text
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