Recap of the economic and financial crisis (2007-2013)

Abstract

Considering the depth and breadth of its effects, the economic and financial crisis, which started in 2007, has been considered the deepest global crisis of the last fifty years, showing multiple evidences: financial crisis, confidence crisis, lack of growth, peripheral Euro-zone countries difficulties and even the Euro’s crisis as common currency. The European Union’s response to the crisis, with questionable results, was provided by the Member States, by means of restructuring and granting public aid to their own credit institutions; by the European Central Bank, providing liquidity to the financial system and, more essentially, reassuring markets confidence; and by the European Union itself, pursuing legislative changes, reforming the European financial supervision system, developing intergovernmental support mechanisms and urging the culmination of a genuine Economic and Monetary Union.