EU Macroeconomic Policy Reforms under Influence of Eurozone Crisis

Abstract

This article is devoted to major measures undertaken in order to reform the EU macroeconomic policy as a result of Eurozone crisis. It is a highly crucial issue for academic research due to multiple problems that occurred in the Eurozone states as a result of the 2008 world financial crisis. It is also an interesting issue for research because of the EU’s activities targeted at insuring efficiency of the EU institutions and support of problematic member states. Research objective of this article is examination of the Eurozone crisis influence on the evolution of institutional aspects of the EU macroeconomic policy. The methodological basis of this research is composed of positive economics, comparative analysis, structural and functional analysis, and theoretical aspects of rational choice institutionalism. As a result of the research, it was demonstrated that internal debates within the EU had negative impact of the Eurozone crisis, institutional reforms undertaken to solve the crisis were not finalized, but eventually the European Union managed to find solutions to solve the EMU problems in the context of macroeconomic harmonization. The practical importance of this article is determined by evaluation of the current Eurozone situation and efficiency of institutional reforms.