Weathering the Storm

PART C

Supporting the Financial System and Sovereigns Under Financial Stress

In Volume I, we have seen how a series of dysfunctionalities and flaws built up over the years and remained concealed or unnoticed under high economic growth. These imbalances and risks were eventually uncovered by the crisis. Volume II presents how public authorities, both at national and EU level, responded to the crisis from many different fronts both on a temporary basis to address some urgent and ad hoc issues and on a permanent basis to tackle structural problems in certain policy areas.

While adapting to the changing circumstances, the European institutions made an effort to coordinate and plan the response to the crisis at European level. This task was mainly ...