Key dimensions of crises in the EU: contemporary aspects

Abstract

Purpose. The aim of the article is to describe the main factors of crisis phenomena in the development of the European integration process. Methodology. The methodology involves a comprehensive study of theoretical and practical material on this subject, as well as formulation of relevant conclusions and recommendations. The following methods of scientific cognition were used in the research process: dialectical, terminological, formal and logical, comparative and legal, system and functional methods. Results. Transformation processes in the EU serve as a manifestation of global economic and information development. The crisis in the euro area was largely due to the peculiarities of its economic and institutional organization, in particular, the conditions for the free movement of capital and the lack of policy coordination in other sectors of the economy. Until now, measures in the field of economic governance in the EU have been largely ineffective due to their recommendatory nature and the lack of a legal obligation for EU Member States to comply with them. The crisis in the euro area and the EU in general has created favorable political conditions for deep institutional changes in the field of European integration. In particular, the dependence of EU countries on financial assistance from the ESM leads them to comply with the terms of the Fiscal Compact. At present, most EU political leaders consider deepening integration to be the key to securing the EU’s future economic growth and preventing future crises. In this context, the launch of a common fiscal policy is a significant step towards economic integration in the EU. Scientific novelty. The study found that most EU leaders are fully aware of the need for structural convergence, namely overcoming structural and cyclical differences among the economies of euro-area countries, as well as the main and secondary risks of divergence as a destructive phenomenon that can disrupt the established social, political, legal and economic order within the EU. Practical significance. Research materials can be used for comparative law studies.