Small States and the Global Economic Crisis: An Assessment

ISSN： 1682-0983

Source： European Political Science, Vol.12, Iss.3, 2013-09, pp. : 276-293

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Abstract

What factors contribute to the small state experience in economic bad times? What tools do they have to respond? What are particular small state issues in these circumstances? Does EU membership matter to small states (does it expose them to a harsher crisis; and/or restrict their options to deal with the crisis)? What is the role of trade, economic activity, EU governance and regulation, as well as the EU response to the crisis? How does being a member of the euro area differ from being outside the euro area? I review the economic experience of euro area countries, countries outside the euro area and some non-EU countries. This study shows that small states have different ways to deal with the crisis. There does not seem to be one major lesson to be learnt about the way in which they cope.