CHALLENGES MET BY PIIGS COUNTRIES IN OVERCOMING THE FINANCIAL CRISIS

This study presents the anti-crisis measures the European states have or should have adopted in order to overcome the present economic crisis. In the first part of the research, the author presents the first anti-crisis measures taken by Great Britain, France and Germany. The body of the paper deals with the austerity measures taken by the sates from the PIIGS group (Portugal, Italy, Ireland, Greece, and Spain) between 2011 and 2012 and beyond. Concluding, the author proposes a sum of anti-crisis measures, such as: stimulating the investments, redirecting the exports of the EU towards the emerging markets, downsizing the taxes for those with low income and the program "first business" for the young.