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The euro area crisis, often also referred to as the eurozone crisis, European debt crisis or European sovereign debt crisis, was a multi-year debt and financial crisis that took place in the European Union (EU) from 2009 until the mid to late 2010s.
2007–2008 world food price crisis; 2000s energy crisis; Effects of the 2000s energy crisis; 2008–2010 automotive industry crisis; Global catastrophic risk; Social situation in the French suburbs; Causes of the Great Recession; Great Recession in Europe; 2010 European sovereign debt crisis timeline; 2007–2008 financial crisis; Russia ...
There has been substantial criticism over the austerity measures implemented by most European nations to counter this debt crisis. US economist and Nobel laureate Paul Krugman argues that an abrupt return to "'non-Keynesian' financial policies" is not a viable solution [18] Pointing at historical evidence, he predicts that deflationary policies now being imposed on countries such as Greece and ...
The German economic crisis is a significant downturn of Germany's economy that marked a dramatic reversal of its previous "labour market miracle" period of 2005–2019. The country, which had been considered to be Europe's economic powerhouse in prior decades, became the worst-performing major economy globally in 2023 with a 0.3% contraction, followed by minimal growth in 2024 leaning on ...
The current slowdown has ended 16 years of continuous economic growth, the longest period of economic expansion in Britain since the 19th century. [89] A report from the National Institute for Economic and Social Research said the economy contracted by 0.1 percent in the period from May to July 2008 and 0.2 percent from June to August 2008.
The current map of EU growth is one of huge regional variation, with the larger economies suffering from stagnant growth and most of the newer states enjoying sustained, robust economic growth. The European Union's financial system is characterized by a large banking sector, with bank assets comprising 300% of GDP, compared to 85% in the United ...
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Since the financial crisis of 2007–2008, the eurozone has established and used provisions for granting emergency loans to member states in return for enacting economic reforms. [15] The eurozone has also enacted some limited fiscal integration; for example, in peer review of each other's national budgets. The issue is political and in a state ...