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Published online by Cambridge University Press: 31 March 2020
Since the financial crisis started in 2007–2008, many advanced economies have struggled to return to their precrisis growth path. Although the recovery in the United States was relatively rapid, Europe’s wasn’t. A sovereign debt crisis led to a double-dip recession in the euro area. Unemployment soared, particularly youth unemployment in the periphery countries, and private and public investment experienced an extremely slow and protracted recovery with its precrisis level still not being reached in many countries. The experience has also been uneven across Europe’s core and periphery countries: from the form in which reforms were designed and implemented to the depth and speed of the recovery.
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