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By Joel I. Deichmann (auth.), Anastasios Karasavvoglou, Persefoni Polychronidou (eds.)

The global is altering speedily. the worldwide monetary challenge has referred to as into query the political judgements which were made by means of all international locations for many years and has ended in a re-formulation of instruments and goals. changes to the recent state of affairs are precious and entail significant financial and social expenditures. The Balkan and Black Sea region is a crucial reference element for the ecu and worldwide financial system. hence, the research of the industrial improvement within the sector is of significant curiosity, attractive politicians and scientists alike. below this framework, the problem of the relation among the area’s international locations and the E.U., the function of the banking process and the significance of the first zone of the economic climate as a tremendous developmental issue for the nations’ economies are of serious importance.​

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Extra info for Balkan and Eastern European Countries in the Midst of the Global Economic Crisis

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This situation led to NATO’s intervention with the well known consequences. 2 It has to be mentioned that in 1974 Greece retired its military participation to NATO in order to protest against the Turkish advance in Cyprus and rejoined in 1980. 28 E. Tsanana et al. Slovenia. Slovenia became a member of EU in 2004. It used to be also a part of Yugoslavia since 1929. In 1991, Slovenia managed to win its independence. Its secession from Yugoslavia was easier because there were not any Serbian minorities living in the state and besides, it was the first one reacting.

B) The possibility of exercising mutual vetoes during the decision-making process: According to this principle, all groups are able to exercise veto during decision-making, as Lijphart believes that in this way the stability of the system is ensured. But this is contrasted by the fact that this ability may lead to the failure of exercising policy and ultimately to political stagnation in the countries, since many decisions may touch on privileges or acquired rights of various population groups.

The recent global crisis revealed a number of serious problems of the Greek economy and in 2010 the government signed a memorandum with International Monetary Fund in order to cover its borrowing needs and face with the difficulties more efficiently. Romania. Romania has been a member of the EU since 2007 and of NATO since 2004. It gained its independence from the Ottoman Empire in 1877. After 1989, the country had a large period of economic imbalance. There was a need of structural reforms and industrial renewal.

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