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The objective of this bachelor thesis is to analyze the impact of receiving financial aid on the economy of selected countries -- Portugal and Spain, with the context of the economic crisis. The first part is focused on the process of monetary integration in Europe and the circumstances of the economic crisis. The second part describes the rescue mechanisms used for stabilization. The third and fourth sections examine the activities and impact of bail-out loans in selected countries on national economic variables such as GDP growth, unemployment, inflation, budget deficits, etc.

The work analyses macroeconomic development of the Baltic States from the beginning of the 1990s until today and their position in the European Union evaluated on the basis of nominal and real convergence indicators. A significant part of the text is dedicated to the current economic crisis and to its impacts on the Baltic region. In this context, possible solutions and perspectives for future progress are suggested.