The Elusive Recovery: Overview

The economic, financial and institutional crisis which started in 2008 looks like it is never going to end. Nearly 9 years after the meltdown of the financial system of developed countries, after a violent recession followed by the euro debt crisis in 2012, a recovery finally started in late 2014. It has been pushed by a mix of fair winds, such as low oil prices, low interest rates, a lower effective exchange rate of the euro, a less negative fiscal stance in the euro area and unconventional monetary policies. Adding to those fair winds, the Juncker commission took stock of the worrying situation in 2015 and proposed the Juncker Plan to boost (mostly private) investment in the EU.