Investigation of Relationship between Financial and Economic Development in the EU Countries

The relationship between financial and economic development in the EU countries was investigated in this article. Summarizing the results of this study it can be stated that a positive statistically significant monotonic relationship between economic and financial development in the EU countries exists. However, the analysis results on the relationship between financial and economic development in different clusters of EU countries are mixed and there is no clear consensus on the relation between financial and economic development in different clusters.