o:28789 Dugoročne slabosti evropske privrede u kontekstu novih globalnih problema Long-term weaknesses of the european economy in the context of new global problems sr Apstrakt: U radu se analiziraju fundamentalne slabosti evropske privrede u kontekstu najnovijih globalnih izazova (rat u Ukrajini, rast inflacije, stagflacione tendencije itd). Zemlje Evropske unije počev od Velike recesije 2008. godine nisu ostva- rile pretkrizne dinamične nivoe privrednog rasta i rasta kreditne aktivnosti. Referentna kamatna stopa ECB od evropske dužničke krize, tačnije od 2014, držana je na istorijskom minimumu od 0%. Agregatna tražnja za to vreme nije došla ni blizu tačke „pregrevanja“, a pojavila se nova recesija izazvana pandemijom Covid-19. Period negativnih kamatnih stopa i kvantitativnih olakšica prekinuo je novi globalni izazov – rat u Ukrajini, koji je doveo do ogromnog skoka inflacije usled rasta cena energenata i hrane. Novo inflatorno okruženje predstavlja tipičan šok ponude, ali dugoročne slabosti evropske privrede nalaze se na strani anemične agregatne tražnje, uzroko- vane izrazitom nejednakošću dohotka zemalja članica. Abstract: The paper analyzes the fundamental weaknesses of the European economy in the context of the latest global challenges (war in Ukraine, rising inflation, stagflationary tendencies, etc.). Since the Great Recession of 2008, the countries of the European Union have not achieved pre-crisis dynamic levels of economic growth and growth in credit activity. The benchmark interest rate of the ECB has been kept at an all-time low of 0% since the European debt crisis, more precisely since 2014. During that time, aggregate demand did not come close to the „overheating” point, and a new recession caused by the Covid-19 pandemic appeared. The period of negative interest rates and quantitative easing was interrupted by a new global challenge – the war in Ukraine, which led to a huge jump in inflation due to rising energy and food prices. The new inflationary environment represents a typical supply shock, but the long- term weaknesses of the European economy are on the side of anemic aggregate demand, caused by the pronounced inequality of income of the member countries. KLJUČNE REČI: EVROPSKA UNIJA, IN- FLACIJA, AGREGATNA TRAŽNJA, NEJEDNAKOST DOHOTKA KEYWORDS: EUROPEAN UNION, INFLA- TION, AGGREGATE DEMAND, INCOME INEQUALITY 1552100 978-86-403-1783-2 2023-04-12T12:22:32.452Z 44 no 46 Stefan Đersimović Ljubodrag Savić Univerzitet u Beogradu Ekonomski fakultet person 12446567 application/pdf 784415 https://phaidrabg.bg.ac.rs/o:28789 no yes 1 70 92000004 11A03 Ekonomska politika u Srbiji i svetu u 2023. godini 73 87 2023