Abstract
About this report
Towards the end of 2008, the economic situation in Europe worsened considerably as a result of the global financial crisis. Following the collapse of Lehman Brothers in October 2008, governments across Europe intervened to prevent the financial services sector from undergoing a complete meltdown. However, the crisis has now spread to the real economy and countries across Europe are having to deal with housing market corrections, a sharp fall in global demand and rising unemployment.
Although interest rates were slashed dramatically across Europe following the financial crisis, this was not sufficient to prevent the European economy from entering its worst recession in the post-war era. Export driven economies, such as Germany and Italy, have suffered due to falling global demand. Other countries, such as Spain and Ireland, had already been in trouble due to a property market correction and are now having to deal with a dramatic drop in consumer spending.
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