  This paper examines the impact of financial risks on economic growth in the
first 15 Member States of the European Union, considering 1995-2014 period and
aims to lay down a new explanatory model of economic growth, based mainly on
the behavioral reactivity of the financial disruptions mentioned above. The
model was estimated through the panel estimated generalized least squares
method and included additional control variables in order to strengthen the
research conducted. Our goal consists in the examination of the financial risks
in the European Union and in the estimation of their impact on economic growth.
