Welcome to Vrijeme je.com (It is time), bilingual English and Croatian policy portal. This is a project supported by the World Academy of Art and Science and the Croatian Club of Rome Association. Presented texts are not literal translations and links differ. The text in Croatian is aimed at the situation in Croatia. The text in English is not focussed on any country in particular, but occasional references are made to South East European countries.

Dear Colleagues, dear all,
The economic crisis which today shakes the whole world is the greatest challenge facing the globe and each individual state. We are facing a global crisis - economic, energy, ecological, moral and psycho-social aggravated by climate change and demographic transition. No country - and in particular not our country can isolate itself from this global crisis. Moreover, the crisis in some countries probably started even earlier. Some countries are enormously indebted, their products and exports are significantly less than imports and consumption, most of their riches have been sold, the workforce is underemployed (Poland, Croatia and Serbia have very lo employment rate, about 50-58%) and the ratio between pensioners and workers is unsustainable (typically less than 1 vs. 2.5). The majority of socio-economic indicators classify many South East European countries near the bottom of European countries and sometimes even worse than that.


http://www.vatican.va/holy_father/benedict_xvi/encyclicals/document

Three days prior to the gathering of world leaders in London to address the global financial crisis, politicians, academics and representatives of civil society organizations from 61 countries have issued a joint statement calling for the establishment of a United Nations Parliamentary Assembly. The proposal is in line with similar recommendations already passed by the European Parliament, the Pan-African Parliament, the Latin-American Parliament and the Senate of Argentina.

"As the world faces its biggest financial crisis in decades, Nature.com keeps you updated on what it all means for science." In accordance to our "people are the true wealth of every state" principle, we recomend reading editorial titled Danger and opportunity, published in Nature magazine nr. 456, on Nov 13th 2008.

Paul Stubbs
4 Questions on the Crisis
1. How is it possible that the crisis has been defined as a financial or, at best, an economic crisis when it clearly has social dimensions to it?
The so-called financial crisis follows on from related fuel and food crises. Cumulatively, they have affected, and continue to affect, real people and, therefore, can be said to have social impacts. In addition, levels of trust in key social institutions are a crucial factor in terms of how the crisis unfolds in different places at different times. Perhaps even more importantly, however, the nature of the crisis blurs any simple division between the 'economic', 'political' and 'social' spheres. Resolution of the crisis may well need a redefinition of fundamental values, a kind of new social contract, at all levels including individual nation states.

As crisis unfolds, number of "urgent" action calls is increasing. We use this opportunity to present some initiatives that we find interesting.

INTRODUCTION
Project/discussion
FROM CRISIS TO ECONOMIC DEVELOPMENT AND SOCIAL COHESION?