The anatomy of a global financial crisis

Abstract

The article deals with the fundamental reasons of the formation of global crises as well as their consequences. In spite of different economic and social conditions under which crises occurred during various periods of history, particular features common to all crises are revealed. The situation of Lithuania in the context of the global crisis is discussed. Social inequality and the absence of moral-ethical values are considered as factors determining the occurrence of the global crisis of today. The measures to overcome the crisis suggested by the European Union are discussed. Two major points in the process of dealing with the financial crisis are emphasized in the European action plan: the first one is restructuring the banking system and the real sector; the second point emphasizes the importance of joint actions of the 27 Member States of the EU.