Wpływ kryzysu gospodarczego na rozwój nowych krajów członkowskich Unii Europejskiej
Impact of the economic crisis on the development of the new member states of the European Union

Summary/Abstract: Problems of the American financial and banking sector in 2008 were quickly imported to Europe. The loss of liquidity by the major European financial institutions caused the economic downturn. The depth of the recession was different in various countries of the European Union. Among the new Member States small Baltic states and the Balkan states having large current account deficit have suffered the most. The economies of Estonia, Lithuania and Latvia “shrunk” over 10 per cent in 2008−2009. In 2010 the standard of living in Latvia was lower than at communist times.

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