This technical report, published by the staff of the European Commission, outlines the policy actions taken by EU countries in the financial sector between 2008 and 2015 in response to the global financial crisis. The report looks at reforms both at European and national level and shows that decisive action in the aftermath of the crisis paid off: credit growth to the private sector has been expanding although the situation remains uneven across the Union. Confidence has returned to the financial sector, with a lower reliance on central bank borrowing. Banks are stronger thanks to higher capital buffers. Still, work is continuing to address vulnerabilities, such as the high level of non-performing loans and yield spreads. Financial sector country surveillance has gained in importance in the European Semester and in the Commission's macroeconomic imbalances procedure.
Coping with the international financial crisis at the national level in a European context
First published on
26 October 2017