European Response to the Financial Crisis

Some members of the European Union (EU) initially viewed the financial crisis as a purely American phenomenon. That view has changed as economic activity in the EU has declined at a fast pace over a short period of time. The authors of this book discuss the European Economic Recovery Plan, designed to exploit synergies and avoid negative spill-over effects through co-ordinated action, draw on all available policy levels, fiscal policies, structural and financial market reforms and external action and ensure full coherence between immediate actions and the EU's medium- to longer term objectives. This book provides an overview of the Swedish banking crisis and an explanation of the measures Sweden used to restore its banking system to health. Moreover, the recent experiences of Switzerland and other European countries (including Iceland, the UK, Sweden and Austria) raise questions about how national governments can effectively supervise large financial firms that operate across national borders. This book focuses on the development of organisational structures within national economies that can provide oversight of the different segments of the highly financial system. This book consists of public documents which have been located, gathered, combined, reformatted, and enhanced with a subject index, selectively edited and bound to provide easy access.