Question

What measures can the European Union take in order to undo the economic
contraction?

Answer 1

Answer:

Measures for preventing future crises in EU according to the authors are improved debt management, application of Keynesian ideas for overcom- ing the crisis, reform of the criteria for entering the Eurozone, creation of a fiscal union, exit of the PIIGS countries from the Eurozone, taxation of the financial sector and ...

Explanation:

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Answer 2

The European Union can take up several measures in order to undo the economic recession.

• The European Union took several measures to financially support the country even after the collapse of the Lehman brothers. The foremost policy they followed was by reducing the interest rates. As a result, more credit was made available to households and companies.
• During the economic crisis of 2008, the European countries had to face a recession. The entire country was suffering and people lost their money as well as their home. The rates were lowered to 1%.
• European financial stability is also one method to deal with the recession. In this facility, the members of the eurozone contribute.
• They can also reduce their debt level to solve this problem financed with the help of a one-time wealth tax for most European countries ranging from 10-30%.
• #SPJ3