MONETARINĖS IR FISKALINĖS POLITIKOS DERINIMO ĮTAKA EURO ZONOS ŠALIŲ INVESTICIJOMS FINANSŲ KRIZĖS KONTEKSTE

摘要

During the financial crisis it was observable, significant increase in budgetary expenditure in the euroarea. This was associated with an increase inter alia in public investment expenditure.Fiscal authorities trying to stimulate the economy have decided to increase spending to inhibit the effects of thefinancial crisis such as the decline in investment, employment and overall GDP in the euro area. Also, themonetary authorities cutting interest rates to the lowest levels in history, aimed at encouraging businesses toborrow and invest. However, the financial crisis is causing too much uncertainty in the financial markets,causing aversion of entities to borrow, invest, increasing spending. Thus, the level of investment in the economyhas been significantly reduced. Gross fixed capital formation of businesses fell up to about - 20% of GDP.During the financial crisis, despite a coordinated fiscal and monetary policy in the euro zone, the economicauthorities did not prevent EMU, before a significant decline in investment and economic activity. However, itshould be noted that without the ECB's anti-crisis measures and the fiscal authorities the recent financial crisiscould even lead to the collapse of the euro zone.