European Union



The economic crisis – The EU’s response


The European Union has been responding to the global economic crisis through actions on different levels. They include:


Timeline showing developments from 2008 to the present, with key documents and summaries

Summary of actions and links on economic governance
Timeline of the financial crisis response including regulations, directives and proposals
Timeline on rating agencies including links to regulations, directives and proposals

The economic situation in individual countries
Balance-of-payments assistance
Monthly summary of state aid measures
Macro-Financial Assistance to non EU-countries

Fiscal consolidation and strengthened economic governance

The EU has been taking concrete steps for a much stronger integration within the Economic and Monetary Union. EU action has been focusing on restoring the sustainability of public finances and addressing other macroeconomic imbalances as well as on providing financial assistance to Member States in difficulties. In addition, new rules will ensure stronger and more effective economic governance, particularly for the euro area, with adequate mechanisms to monitor progress and ensure enforcement.

Reform and repair of the financial sector

The EU action is aimed at implementing a stricter regulatory regime for the financial sector not only internally but also on a global level (G20). At the same time, it is necessary to strengthen the financial sector so that banks can support the economy by providing credit.

Reforms to boost growth and job creation

The EU action also aims to encourage structural reforms and to support growth-enhancing investments; to strengthen the single market especially for services, energy and e-commerce; and to tackle unemployment, especially youth unemployment. The aim is to create the conditions for smarter, more sustainable growth.

Supporting EU countries in difficulty

The EU’s economic governance system allows for an appropriate steer and follow-up at EU level. Each year, the Commission carefully analyses the National Reform Programme  of each Member State and checks whether the policies are in line with the orientation set out above. Its findings are subsequently reflected in the Country-Specific Recommendations  that the Commission adopts in May and presents for approval to the European Council in June. The newly introduced Macroeconomic Imbalance Procedure guarantees enhanced monitoring of macroeconomic imbalances with the possibility of sanctions for euro area Member States that do not address these when they become excessive.

Statistics, graphs and public opinion

Press contacts

European Parliament

Committee on Economic and Monetary Affairs Press officer
Tel: +32 (0)2 28 44264 / +33 (0)3881 74076
GSM: +32 (0)498 98 14 02

Council of the European Union

François HEAD
Economic and Financial Affairs
Tel: +32 (0)2 281 60 83
GSM: +32 (0)475 95 38 07
Fax: +32 (0)2 281 80 26

European Commission

Jobs, Growth and Investment

    Office: BERL 03/340

Financial Services

Employment and Social Affairs

    Deputy Chief Spokesperson
    Office: BERL 04/342
    Tel: +32 (0)2 29 91382
    Mobile: +32 (0)498 991 382
    Twitter: @Mina_Andreeva

Internal Market, Industry, Entrepreneurship and SMEs

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