2008 September last weekend, including Fortis Bank, the European 3 large financial institutions, "Zawahiri heap" emergencies. Lehman Brothers Inc. from the United States bankruptcy less than two weeks, started in United States financial crisis official landing Atlantic Europe.
Once luck European country for a time out. From his own battle to work together to deal with later, in the face of financial crisis that the "wild beast", a UPS and downs of joint "defence" in Europe. After nearly a year, floods have not yet retired, wild beasts blown still, although the European financial situation stabilises, but rendered still full of uncertainties.
Benefit from European countries large-scale financial rescue efforts, the European financial industry "the bad news--" difficult period has come to an end, the current financial market stabilization.
After the outbreak of the financial crisis, the EU countries have introduced tens of million euros in the financial-rescue plan, through a troubled financial institutions providing funding and debt guarantees, and other means to ease the credit crunch situation, facilitate the circulation of funds between financial institutions. With the real economy was affected by the financial crisis into a serious downturn, EU countries were launched Asian euro economic stimulus plan in an attempt to curb economic decline.
At the same time, to safeguard the financial and economic stability, the European Central Bank and the Bank of England and European Central banks are mainly taken extraordinary measures. To date, the European Central Bank and the Bank of England base rate will be reduced to the lowest level in history. The Bank of England also used non-traditional "quantitative easing" policy, the market into 1750 million funding to enhance mobility; European Central Bank has increased the intensity of capital in financial institutions, only through June, one-year loan funds on one-time launch auction 4420 billion euros, a record amount of disposable funds for that row. In addition, the European Central Bank in July this year also started to "quantitative easing" policy, announced that it has purchased 600 billion euros of assets secured bonds.
Because receive timely "blood transfusion", some financial institutions in Europe emerged from bankruptcy and reorganization in a new life. As the financial situation has improved somewhat important signs of major European stock market following the March on to the lowest point in years, now catch-up, approaching the level before the financial crisis.
Recently published papers in the fiscal year, Europe's leading banks in the first half of this year is generally better than expected performance, in 16 European banks only four losses, financial stocks this watch many investors again. To France Paris stock exchange as an example, and the bottom in early March, the Bank of slab index than has so far surge 150%.
At the same time, the financial institutions credit crunch situation has eased. Data show that the euro zone 3-month LIBOR has been created by the financial crisis broke out after the peak 5.11% to August 0.86%. The European Commission's investigation shows that the euro area and EU financial services confidence index since March this year, the overall trend is picking up.
However, this assertion the haze of the financial crisis has completely dispersed over Europe probably too early, the stability of the financial industry in Europe is still faced with the threat of huge amount of bad debt.
According to the Bank of England, United Kingdom for the next four years, the Bank for the financial crisis caused by the asset write-down scale will reach 5000 billion pounds. According to the European Central Bank by the end of 2010, the euro area banks assets down scale will reach 6490 billion euros, and the present report the size of assets down to 3650 billion euros only.
Currently, most European economic policy makers headache than financial institutions are unwilling to lend to the real economy sector. Although the European countries and the Central Bank for the financial institutions with a large amount of liquidity, but financial institutions because of the fear and suffering a loss, are tightened to the enterprise and personal lending conditions, would prefer to receive from the Government of cheap money held in your hand, you won't easily into the real economy sector.
The European Central Bank, in July this year, the euro area financial institutions to non-financial enterprises issued loans ring than continue to shrink, year-over-year growth rate for the month of June to substantially slow down 2.9% to 1.6%, lending to individuals and families with the previous month, year-over-year growth rate equaled decreased from the previous month 0.2% drop to zero.
Because financial institutions refused to lend to the real economy sector, resulting in the euro area businesses still face the risk of the credit crunch, this is bound to pose a threat to economic recovery, and the deterioration of the macroeconomic situation in turn would affect the financial industry.
Located in Belgium Brussels European and global economic Research Institute researcher Nicolas · Wei long warned that because EU countries segmentary supervision system difficult to adapt to the increasing integration of financial markets, Europe out of crisis and the difficulty will be greater, but in view of the European enterprise financing is more dependent on bank credit this traditional manner, the European economy may be suffering is also more durable.
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