10 years since the start of the crisis: back to recovery thanks to decisive EU action

On 9 August 2017 the European Commission issued a press release marking the 10 years since the start of the global financial crisis in 2007.

The global financial crisis 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.

Decisive action had paid off: the EU economy was now expanding for the fifth year in a row. Unemployment was at its lowest since 2008, banks were stronger, investment was picking up, and public finances were in better shape. Recent economic developments were encouraging but a lot remained to be done to overcome the legacy of the crisis years.

• Primary Source

ESO: Background information: Ten years of financial crisis - what have we learnt?, August 2017 http://www.europeansources.info/record/ten-years-of-financial-crisis-what-have-we-learnt/

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