European Issues
Economic integration
European Issue n°200
10 Fact Sheets to explain Europe and the World Economic Crisis
10 Fact Sheets to explain Europe and the World Economic Crisis04/04/2011
Abstract :
On 24th and 25th March the European Council approved the "European Stability Mechanism" and the "Euro Plus Pact". These decisions mark the end of a long series of reforms the origin of which can be traced back to in 2007 at the start of the biggest world financial crisis in 80 years. This destabilised the entire financial system and plunged the real economy into recession. As an extension to the financial crisis a massive deterioration in public finances struck several euro area Member States quite severely and compromised the credibility of the European single currency.Financial turbulence and the euro crisis have revealed weaknesses in European integration and also raised awareness of the need to act together. The period covering 2008-2011 showed that the European Union is a political edifice that develops as crises occur. The latter drive integration along and have triggered off a dynamic to reform which had been deemed impossible since the failure of the French and Dutch referendum on the European constitution in 2005.
These 10 explanatory sheets present a summary of the way the European Union has faced the challenges raised by the financial turbulence ongoing since 2007. They aim to facilitate the understanding of the context of the crisis which the Union is experiencing and to provide a panorama of the reforms adopted to face this. The first six address the world financial crisis and measures taken both internationally and on a European level to manage the effects and reduce the probability of its repetition in the future. Within the European Union these measures notably include the creation of a new structure for financial supervision and high legislative production in terms of financial regulation. The last four sheets focus on the crisis and the euro and the reform of the Economic and Monetary Union.
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Summary
SHEET 01
The Global Finan cial and Economic Crisis in BriefSHEET 02
Causes and Lessons Lea rned from the CrisisSHEET 03
The Reform of the Global Finan cial ArchitectureSHEET 04
Finan cial Regulation and Supervision in the Eu (I) New institutions: stepping up financial supervision in the EUSHEET 05
Regulation and Finan cial Supervision in the EU (II) Strengthening the resilience of the financial systemSHEET 06
Regulation and Finan cial Supervision in the EU (III) Making the financial sector more transparent and more responsibleSHEET 07
From the Finan cial Crisis to the Euro CrisisSHEET 08
Characteristics of the Countries in troubleSHEET 09
How to Reform the Economic and Monetary Union? (I)SHEET 10
How to Reform the Economic and Monetary Union? (II) Upload the full document
Publishing Director: Pascale JOANNIN
ISSN 2402-614X
The author
Sebastian Paulo
Graduate of Sciences Po Paris and MA "International Relations and Diplomacy of the EU" from the Collège d'Europe; he notably took part in the writing of the study "Perspectives du développement mondial 2010" by the OECD and the "Schuman Report on the State of the Union 2011".
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