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Academic Research of Economic Journal

            The article I went through was published in the European Research Studies Journal, in 2013, vol. The subject of this article is based around the global economic crisis and how it's affecting mainly the European Union. The study takes it to all the way to the social level, with the focus being put on today's economy and how many countries are at the top of the game. After showing each paragraph, there is a point of view regarding it. The first term I found to be of substantial importance in the article can be found on the second to last paragraph on page number 3. The paragraph is : "Another interesting contribution is that of Hemerijck and Vandenbroucke (2012), who revisit social policy as "productive factor" and link the euro crisis to the imperative of defining a social Europe. They assert that the current challenge is to make long-term social investments and medium-term fiscal consolidation mutually supportive and sustainable under improved financial and economic governance." .
             The European Commission proposes a series of actions with a view to improving the European social model. This model is designed to promote full employment, economic dynamism and greater social cohesion and fairness in the European Union. It is based on a series of measures designed to reinforce social policy as a productive factor: employment and quality of work, the knowledge-based economy, the social situation in the Member States, enlargement and internationalization. The second and third term can be found at page number 12 in the following paragraph : "Two main effects of the global economic and financial crisis can be identified for the social security systems: (1) due to higher unemployment, the expenditures of social insurance are increasing and (2) tax and contribution revenues are falling as a consequence of lower economic growth. They constitute a serious "stress test" for the European welfare states and for the EU principle of "social solidarity.


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