Crisis Phenomena in the European Union Economy at the Present Stage of its Development

Abstract

The article reveals the main problems related to the EU economy’s state and the prospects for its further development. This topic is extremely important for Russia since the European Union is its leading foreign trade partner. The article states that the EU is the largest integration grouping globally in terms of its economic potential. Simultaneously, the lack of significant reserves of natural resources and dependence on their external supplies does not allow the EU to realize its economic opportunities fully. At the same time, the export-oriented model of the economies of its leading member countries makes them sensitive to flctuations in the conjuncture of foreign markets, and the growing public debt contributes to the development of disintegration processes. Besides, the growth of migration flws, the increase in socio-economic tensions, especially during the coronavirus period, also do not allow the EU to solve the accumulated problems. Simultaneously, excessive dependence on the United States in geopolitical and geo-economic relations hinders the development of mutually benefiial economic ties with Russia and other countries. The article presents various opinions about the future of the EU and notes that many authoritative political fiures and experts consider that due to these reasons, it cannot be preserved as a whole.