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Welcome to Module 11, Europe during the Global Financial Crisis.
In this module, we're going to see the parallels
to what happened in the United States that happened in a variety of countries
in Europe during the time period 2007 to 2009.
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What's interesting here is to begin with,
Europe has a different monetary structure than what we saw in the United States.
United States, we have a single currency for the entire country.
In Europe, there are some subset of Europe that have one currency, the Euro.
And then other countries that are within geographically Europe, but
also within a larger economic area of Europe that have their own currencies.
And these differences turn out to be very important.
I give the background for that in lesson one, and in lesson two,
let's give you some basic statistics about growth and
unemployment in Europe leading up to and during the Global Financial Crisis.
Now what eventually happened in Europe and what we will cover in this module and
in the next module is a crisis that started as the Global Financial Crisis,
but then grew into something else called the Eurozone Crisis, which was a problem
specifically for the countries that shared the single currency of the Euro.
Now the Eurozone Crisis can be thought of as three different connected crises,
going on in a variety of different parts of their economic system.
And we'll talk about that in lesson three.
Lesson four,
we'll go through a timeline of Europe during the Global Financial Crisis.
And then in lessons five and six, look at two special cases that are very
interesting, both for understanding Europe during the Global Financial Crisis.
And then for
which types of countries ended up in trouble during the Eurozone Crisis.
In lesson five, we will look at Ireland, and in lesson six,
we will look at Iceland.
Lesson seven summarizes what we've learned in this module.
[MUSIC]
Andrew MetrickMichael H. Jordan Professor of Finance and Management
Timothy GeithnerLecturer in Management, Yale SOM, Former U.S. Secretary of the Treasury
