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Title: The clusters of economic similarities between EU countries : a view under recent financial and debt crisis
Authors: Liapis, Konstantinos J.
Rovolis, Antonios
Galanos, Christos
Thalassinos, Eleftherios
Keywords: Economics -- European Union countries
Monetary unions -- European Union countries
Debts, Public -- European Union countries
Taxation -- European Union countries
Cluster analysis
Issue Date: 2013
Publisher: University of Piraeus. International Strategic Management Association
Citation: Liapis, K., Rovolis, A., Galanos, C., & Thalassinos, E. (2013). The clusters of economic similarities between EU countries : a view under recent financial and debt crisis. European Research Studies Journal, 16(1), 41-66.
Abstract: This article analyzes the clusters of similarities among EU member states before and during the recent financial and debt crisis, using variables from banking, taxation, government debt and deficit, and the Current Account of the Balance of Payment; our study follows the method of Multi-Sample Case of Cluster Analysis between and within groups of EU countries. Our findings show that the current economic crisis the EU is faced with is twofaceted and has arisen from the financial and banking sectors and from government debt. In this sense, problems have resulted from the credit policies of the national banking sectors and from national fiscal and budgetary controls. These two crisis facets are correlated and a new problem emerges concerning the fiscal similarities of European Monetary Union (EMU) countries and the necessity for a fiscal union or for common fiscal policies between them. The aim of this article is to help us understand that the current EU crisis is due to the lack of homogeneity in fiscal and financial polishes across the Union.
Appears in Collections:European Research Studies Journal, Volume 16, Issue 1

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