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The Financial Turmoil and EU Policy Co-Operation in 2008

This article analyses the response of the European Union (EU) to the financial crisis in 2008 under the headings of liquidity, recapitalization and ownership of banks, macroeconomic policies and regulatory policy. It is argued that although at the onset of the crisis governments tended to focus on national-level responses, they quickly realized that international co-ordination would be required. This proved difficult to achieve in many areas, although monetary policy was an exception. Here co-ordination was rapid, not only in the euro area but also between the European Central Bank and other EU national central banks. Even so, within the euro area, the lender of last resort function was carried out by national central banks. Fiscal policy and bank recapitalization were similar across countries, but independently agreed. Competition rules were the one supranational EU regime, but did not act as a significant constraint on Member States.