How the financial crisis in Iceland in 2008 affected the economy : an essay until the 2020 corona crisis
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Data
2021
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Edições Universitárias Lusófonas
Resumo
A Islândia foi um dos países mais afetados pela crise financeira em 2008. Todo o sistema bancário da Islândia entrou em colapso. Neste artigo, discutimos as causas da queda da Islândia. Também nos concentramos na questão de se a adesão à União Europeia e o euro como moeda poderiam ter ajudado a Islândia neste momento. Usando o caso da Irlanda, presumimos que o euro como moeda poderia ter ajudado a Islândia. É difícil prever o que a UE faria no caso da Islândia, porque não existe legislação sobre a situação. Comparando a crise financeira em 2008 na Islândia e na Irlanda, podemos ver semelhanças nos procedimentos da UE nesta crise com a Crise do Corona. Parece que em tempo de crise global a UE não é eficiente e na sua tomada de decisões podemos constatar a falta de solidariedade que aumenta o eurocepticismo nos países membros.
Iceland was one of the countries which were hit by the financial crisis in 2008 the most. The entire banking system in Iceland collapsed. In this paper, we discuss the causes of Icelandic downfall. We also focus on the question if the membership in the European Union and euro as a currency could have helped Iceland in this time. Using the case of Ireland, we assume that euro as a currency could have helped Iceland. It is hard to predict what the EU would done in Iceland case because there is no legislation concerning the situation. Comparing the financial crisis in 2008 in Iceland and Ireland, we can see similarities in EU procedures in this crisis with the Corona Crisis. It seems that in the time of global crisis, EU is not efficient and it its decision-making we can see lack of solidarity which increase the Euroscepticism in members countries. Keywords: Financial Crisis in 2008, Iceland, Ireland, European Union, Currency, Banking Collapse, Corona crisis, EU decision-making
Iceland was one of the countries which were hit by the financial crisis in 2008 the most. The entire banking system in Iceland collapsed. In this paper, we discuss the causes of Icelandic downfall. We also focus on the question if the membership in the European Union and euro as a currency could have helped Iceland in this time. Using the case of Ireland, we assume that euro as a currency could have helped Iceland. It is hard to predict what the EU would done in Iceland case because there is no legislation concerning the situation. Comparing the financial crisis in 2008 in Iceland and Ireland, we can see similarities in EU procedures in this crisis with the Corona Crisis. It seems that in the time of global crisis, EU is not efficient and it its decision-making we can see lack of solidarity which increase the Euroscepticism in members countries. Keywords: Financial Crisis in 2008, Iceland, Ireland, European Union, Currency, Banking Collapse, Corona crisis, EU decision-making
Descrição
R-LEGO - Revista Lusófona de Economia e Gestão das Organizações
Palavras-chave
ECONOMIA, ECONOMY, CRISES FINANCEIRAS, FINANCIAL CRISIS, ISLÂNDIA, ICELAND, COVID-19