Policy Reactions To The Eurozone Crisis
The euro area crisis, often also referred to as the eurozone crisis or the European sovereign debt crisis, was a multi-year debt crisis that took place in the European Union (EU) from 2009 until the mid to late 2010s. Several eurozone member states (Greece, Portugal, Republic of Ireland, Ireland and Cyprus) were unable to repay or refinance their government debt or to bail out over-indebted banks under their national supervision without the assistance of other eurozone countries, the European Central Bank (ECB), or the International Monetary Fund (IMF). The European sovereign debt crisis resulted from a combination of complex factors, including the Financialization, globalization of finance; easy credit conditions during the 2002–2008 period that encouraged high-risk lending and borrowing practices; the 2008 financial crisis; international trade imbalances; Real estate bubble, real-estate bubbles that have since burst; the Great Recession; fiscal policy choices related to ...
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