European Service Providers in Times of Economic Crisis
Journal Title: Zarządzanie i Finanse - Year 2013, Vol 11, Issue 4
Abstract
The economic crisis of the years 2008–2010 has implications for service providers operating in the European Union. There has been a deterioration of the economic situation in the sector reflected as the overall decline in turnover in all categories of services, although the degree of the interaction and the time of recovery from the recession was different for each type of service. The European Union is not uniform in terms of economic development of its Member States, and therefore the impact of the crisis on individual countries, and thus the situation of service providers established in their territory, was varied. Service companies operating in the European Union are in a unique situation as national regulations creating legal business environment must conform to the principles imposed by the EU. However, the Community legislation in force in the service sector leaves room for the application of individual national solutions by Member States , that are better suited to the needs of their national markets. The effects of the crisis were felt mainly in the form of a sudden collapse in demand, which was reflected in the financial situation of service providers, and as a consequence influenced their ability to carry on business in the medium and long term. Therefore, activities of the European service companies should be focused primarily on improvement of their competitiveness at the same time using all possibilities offered as the support by the state and the European Union.
Authors and Affiliations
Joanna Stefaniak-Kopoboru
Keywords
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