The article describes selected economic phenomena of the European system, i.e. a structure of national and European Union institutions in Europe. It mainly analyses the conditions for the system of a common currency. It presents the most important institutional loopholes, which lower the effectiveness of managing the economy. Moreover, they result in democratic deficit both in the European Union and in the Member states what additionally weakens the effectiveness of management.
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The article presents selected mechanisms of economy management in the European Union (EU) and traces leading tendencies in this respect occurring as a result of the economic crisis (2008-2010). In particular, the issue of management effectiveness in EU has mainly been focused on. Also, results have been shown of any initiated changes for peripheral states in the central-east part of the continent.
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