Proceedings of the 13th Economics & Finance Virtual Conference, Prague

FAILURE OF EUROPEAN UNION INSTITUTIONS IN RESOLVING CORONAVIRUS CRISIS AND IN SUBSEQUENT REDISTRIBUTION OF FUNDS

MIROSLAV SEVCIK, MAREK KOTEN, SIMUNEK LUBOR

Abstract:

The goal of this article is to carefully analyze the political-economic reactions of the European Union Institutions on the pandemic crisis created by the SARS-CoV-2 virus causing Covid-19 disease, commonly known as coronavirus. The first part of the article is dedicated to the general theory of integration, the history of European integration, and the historical development of EU institutions. The general theory of integration and EU institution's development are both included because understanding these basic principles and processes is vital in understanding the contemporary problems within the European Union. The second part of this article is dedicated to the analysis of the reactions done by EU institutions, regional Visegrad group, and selected EU member states to the rapidly spreading Covid-19 disease. The third part of this article is dedicated to possible future outcomes for European nations once the coronavirus pandemic is over. The possible future outcomes of pandemic crisis are in the context of this article changes in European or national legislative, changes in money redistribution done by EU institutions, or changes in the mood among the people living in member states of the European Union. Acknowledgment: The publication of this article was supported by the University of Economics, Prague research grant IGA no. IGS F5/41/2020

Keywords: Institutions of the European Union, European Union, European Integration, Covid-19, Coronavirus, Visegrad 4

DOI: 10.20472/EFC.2020.013.017

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