Recession Era
As a result of the global financial crisis that began in 2007/2008, the eurozone entered its first official recession in the third quarter of 2008, official figures confirmed in January 2009. The EU was in negative growth for the 2nd, 3rd and 4th quarters of 2008 and the first quarter of 2009 before returning to positive growth (for the Eurozone as a whole). Despite the recession, Estonia acceded to the Eurozone and Iceland put in an EU application in order to join the euro, seeing it at the time as a safe haven.
Read more about this topic: History Of The Euro
Famous quotes containing the word era:
“...I had grown up in a world that was dominated by immature age. Not by vigorous immaturity, but by immaturity that was old and tired and prudent, that loved ritual and rubric, and was utterly wanting in curiosity about the new and the strange. Its era has passed away, and the world it made has crumbled around us. Its finest creation, a code of manners, has been ridiculed and discarded.”
—Ellen Glasgow (1873–1945)