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:
“The era of the political was one of anomie: crisis, violence, madness and revolution. The era of the transpolitical is that of anomaly: an aberration of no consequence, contemporaneous with the event of no consequence.”
—Jean Baudrillard (b. 1929)