Zamira VEIZI, Drita LUZO, Irena BOBOLI, Jonida AVDULAJ

Abstract The economic crisis that began in 2007-2008 was as predictable as inevitable too. This crisis marked a turning point after several decades of deep development. This crisis has given effects mainly in financial terms and therefore the goal of this paper is to give some thoughts about the current economic financial crisis in European countries. Our objective will be to highlight the causes of this crisis in the region, mainly in Albania, financial and economic consequences regarding family consumption, remittances, foreign direct investments, unemployment increase, increase off the percentage of outstanding loans, the deterioration of public budget revenues and deepening of budget deficit in countries that adhere to enter the EU, the impact on the local and regional economy of Greek and Italian crisis and political factors. The paper will be enclosed with proper conclusions on the current situation which is facing our country and other countries in the euro zone and the necessary recommendations.
Keywords crisis, economic and financial consequences, Albania, Europe
JEL classification F21, F24, F34, G01, H12
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