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The recession of 2009 following the financial market crisis of 2008 was severe, especially in Europe. World GDP decreased by 0.6 per cent, the GDP of the USA by 2.6 per cent, and in the European Monetary Union (EMU) it declined by 4.1 per cent (IMK/OFCE/WIFO 2011). The export-oriented German economy had to face a relatively strong negative growth of 4.7 per cent of GDP. By mid-2010, however, it seemed that the disastrous effects of the financial market crisis were successfully countered by stabilisation measures in countries all around the world: rescue programmes for banks were established in most of the European countries; some countries like Ireland and Spain tried to compensate for the effects of busted housing bubbles; and fiscal stimuli were initiated to dampen the downturn of the economy, e.g. by the introduction of a scrapping premium for cars in Germany, France and other countries. But for Europe, the crisis was not over. This transformation of private debt of banks, house owners and consumers into public debt raised the state’s debt-to-GDP ratio for the euro area as a whole from 66.3 per cent in 2007 before the crisis to 85.3 per cent in 2010

Forum: Policy responses to the Euro debt crisis: Can they overcome the imbalances that caused the crisis?