Recession in Europe! (2008)

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Tuesday, 14 November 2017

2008 -

The European Union is a political and economic union of states that are primarily based in Europe. It was formed in the 1990’s and it got its own currency, the Euro, in 2002. Its first recession did not take too long though. On Friday November 14, 2008, the European economy officially slipped into recession for the first time.

Germany was most affected
Recession is ‘a period when the economy of a country is not successful and conditions for business are bad’, according to the Cambridge dictionary. There are a few factors that can cause a recession, like high interest rates, inflation, reduced consumer confidence and reduced real wages. But also because of less output. The economic output among the 15 EU countries that shared the euro in 2008 fell by 0.2%. Germany, world’s biggest exporter and Europe’s biggest economy, was most affected, but also the economies of Spain, Italy and Britain shrank in the third quarter.

Euro vs. US Dollar
The Euro was losing its value. Inflation is falling sharply. One of the reasons for the economy to recover is that the Euro gets more interesting in comparison with the US Dollar; it’s less expensive for importers of, for example, oil.

360 trivial fact
Economic recession has its benefits as well. Old and rigid businesses are forced to innovate, because of changing demands. Solid companies will survive, poor companies will disappear and prices usually fall down to a more ‘normal’ level, from where they will rise again.


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