Annals of the University of Oradea: Economic Science (Dec 2018)
AN OVERVIEW OF THE EUROPEAN UNION RESILIENCE CAPACITY: SCIENTIFIC LIMITS AND METHODOLOGICAL ASPECTS RELATED TO ITS MEASUREMENT
Abstract
Over the last decade, the measures implemented to ensure development at European Union (EU) level were taken from the need to provide a stronger resilience capacity in order to respond adequately to various internal or external shocks that may occur and affect the economies. In the current globalised era, a shock is created, for example, on labour markets, which are facing new vulnerabilities like the volatility generated by the ’instant changes’. A disparate policy or a sectorial crisis could induce major consequences like migration waves or unemployment, simultaneously influencing more countries and regions at the same time. Considering these aspects, the purpose of this paper is to outline both the main scientific limits related to resilience concept and the methodological approach of measuring the resilience capacity of EU countries from a multi-dimensional perspective. Studying the assessment of resilience involves answers to questions such as: The EU as a whole experienced a progress in terms of resilience (the capacity to absorb shocks, to resist, to adapt and to transform), especially after the onset of the financial crisis from 2007-2009? What countries of the EU have the capacity to resist better to shocks or mitigate some turbulences? The crisis represented for some countries a new start for macroeconomic recovery? The eastern countries may recover the development gaps faster than the western ones? To what extent these states have the ability to integrate into their development models elements of adaptability/reaction? To what directions they should orient the resources? The countries may respond differently to these challenges, depending on their resistance status? An analysis based on resilience capacity from a multi-disciplinary perspective should provide a system-wide evaluation of the current situation in the EU, defined by political and economic crises, the globalisation effects, and the structural changes in the society. Importantly, the need for studying the resilience capacity also stems from the on-going search for reliable adaptability to a changing geopolitical environment. In addition, it can help identifying vulnerabilities in relation to various types of shocks and to propose appropriate measures to increase resilience capacity and speed up eastern economies’ convergence process to EU standards. Particularly, the resilience approach can capture the weaknesses of the systems characterised by instability, insecurity, institutional weaknesses and structural fragilities, as well as inefficient governance. It can, thus, offer a scientific basis for the design of public policies.
