Аннотация:The European Sovereign Debt Crisis is a repercussion of the 2007-2009 Global
Financial Crisis, the effects of which are being faced till date. The crisis demonstrates
how financial markets can cause serious socio-economic tension and
are highly destructive, in the absence of an adequate system to control and
coordinate the activities of global financial regulatory bodies.
Several studies conducted by organisations and economists state that financial
crises are inevitable given the cyclic nature of the market economy. In
order to provide a nuanced analysis of the crisis and devise crisis management
mechanisms, it is important not to commit subjective mistakes that would provoke
further crises. Only then can corrective measures be applied in order to
ease its consequences.
Several countries and regional groupings such as the European Union leave
the onus of this task upon political leaders and specialists in economics, management
and so on. Oftentimes, their decisions are bereft of a nuanced understanding
of the world and the process of globalisation, thereby limiting their
effectiveness. Doing so becomes a critical task, since technical solutions are not
adequate in themselves. A philosophical analysis of the issue at hand, and of
the earlier trends of global development is needed.
1 Professor Alexander N. Chumakov is Head of the Chair of Philosophy at Financial University of the
Government of the Russian Federation and First Vice-president of the Russian Philosophical Society,
Moscow.
ALEXANDER N. CHUMAKOV
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STUDIA DIPLOMATICA 2013 • LXVI-1
This article examines globalisation, as it exists today and diverging perceptions
of the term. It then discusses the challenge it poses to governance, a key
concern given the nature of contemporary global issues. Lastly, the article provides
lessons that can be drawn from the global financial crisis.