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The Financial Crisis in the Euro Area

In: Monetary and Financial Policy in the Euro Area

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  • Maximilian Fandl

Abstract

Before entering into the discussion of banking supervision and financial stability, this chapter takes a step back and looks at the financial crisis in Europe since 2007. Recalling the main phases and policy responses during the crisis may help to understand the current state of euro area banks and the associated policy challenges. It is also useful to reflect on the precrisis period during which the euro area banking sector grew significantly in size and riskiness. While some reasons that led to the financial crisis were clearly outside the scope of bank supervisors, the crisis also revealed vulnerabilities of banks that were not sufficiently addressed by supervisory authorities in the early 2000s. The vulnerabilities became clearly apparent during the crisis, at a significant cost to euro area economies and public finances.

Suggested Citation

  • Maximilian Fandl, 2018. "The Financial Crisis in the Euro Area," Springer Texts in Business and Economics, in: Monetary and Financial Policy in the Euro Area, chapter 3, pages 81-96, Springer.
    • Handle: RePEc:spr:sptchp:978-3-319-72643-4_3
    DOI: 10.1007/978-3-319-72643-4_3
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