A financial-economic assessment of the food security in the European union

Abstract

The food security concept, that is central to international and national institutions, regained importance after the 2007 economic crisis that led to large increase in prices of agricultural products. The study aims to find the existence of relations between measures on food security and financial systems, considering data for the 28 member states of the European Union, for 2008 to 2017 time frame. The obtained results show the negative impact the household debt, social transfers and price indices have on agricultural productivity, altering food security. Moreover, social polarization led to a decrease in agricultural productivity and government support to agricultural research and development, which also impacted the food security. Considering these results, the study emphasizes the need for measures implemented by authorities aiming at poverty and social inequality reduction.