(09 August 2017) – 10 years since the start of the crisis: back to recovery “thanks to decisive EU action”, according to the European Commission.
The global financial crisis began 10 years ago and led to the European Union’s worst recession in its six-decade history.
The crisis did not start in Europe but EU institutions and Member States needed to act resolutely to counter its impact and address the shortcomings of the initial set-up of the Economic and Monetary Union.
According to the Commission, “decisive action has paid off”: today, the EU economy is expanding for the fifth year in a row. Unemployment is at its lowest since 2008, banks are stronger, investment is picking up, and public finances are in better shape.
Recent economic developments are encouraging but a lot remains to be done to overcome the legacy of the crisis years.