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Financial crisis and development

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Helping developing countries during the financial crisis

The current recession is affecting the global system at all levels – overturning the old notion that globalisation could only be good.

The hardest hit are those who were already the world's poorest – particularly those who had begun to climb out of poverty.

Since the beginning of the crisis, the EU has been acting on two fronts:

- minimising the impact on developing countries – a primary goal during the financing for development talks in Doha last December

- ensuring poor countries have a voice in world governance – the EU pushed for this during the G-20 summits in Washington and London.

To give EU action a coherent framework, the Commission has issued a policy paper - Supporting developing countries in coping with the crisis

The paper reaffirms the two guiding principles for EU relations with developing countries –  partnership and solidarity.

Read the policy paper