Global Financial Crisis: Economic and Social Impact

Abstract

It has been observed in recent decades that there is a higher frequency of crises and that they spread faster from financial markets to the real economy. These observations have brought a growing interest in the academic environment, being at the same time a topical issue for the fiscalbudgetary and monetary policy makers. Thus, in this paper we will address the issue of financial contagion for countries in Central and Eastern Europe, including Romania, while also pursuing the perspective of European and international financial market surveillance, with emphasis on changes in the European banking system, as due to the need to reform it. I will also highlight other important elements in the analysis of the relationship between financial integration and the spread of crises.

Keywords

• crisis
• evolution
• financial markets
• banking system