Word: easternism
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...Several Eastern European countries, including Hungary, Romania, and the Baltic states, are in a state of near meltdown, yet Western nations are prioritizing their own domestic difficulties. In the name of self-preservation, European solidarity, and long-term political strength, western EU countries have no option but to aid their neighbors. As severe recessions plague even the strongest economies in Europe, however, the cost of solidarity will undeniably be expensive...
...under, the detrimental effects felt across the whole of Europe would be monumental. To an even greater extent, the well-being of the European Union as a whole depends on the respectable performance of each constituent member. Failure to remain united may breed disillusionment with Western capitalism and leave Eastern Europe dangerously susceptible to Russian influences. Thus, for the sake of national interest and the endurance of the European Union, Western countries must find the means to create a bailout plan for failing countries in Eastern Europe...
...given rise to an upsurge in nationalist sentiments. Both the UK and Germany are due national elections in the next year or so, and leaders are astutely aware of the demands of their public. Nevertheless, politicians must do their utmost to explain the imperative need for an Eastern European bailout to their constituents. There will undeniably be short-term costs, but the long-term security that this plan ensures is in Europe’s best interest...
...bailout plan also presents an opportunity to improve several conditions within the European Union. The European Union allowed many Eastern European countries to amass unsustainable levels of debt in order to create a sense of prosperity—an act that has compounded the negative impacts of the current crisis. A bailout plan would generate more stringent economic regulations and could be used to promote unification of the national fiscal policies within Europe...
...Furthermore, the partnership created in uniting to survive this crisis would likely increase social capital and improve relations between Eastern and Western Europeans. When the newly accepted Eastern European countries first joined the EU, Western Europeans initially reacted with hostility to the wave of immigrants that entered their society. Persistent unison and a shared economic venture may well reduce such antagonism...