Structural shifts in the US economy towards services have gradually reduced the value added of manufacturing relative to GDP, with implications for areas with a high concentration of companies in manufacturing industries other than information and communications technology. During the crisis, GDP growth in the “Great Lakes” region, which was below average before the crisis, remained below average.
To understand how the banking union came about, we have to go back to the financial crisis. In the EU, it began as a crisis of the banking system and turned quickly from a financial crisis into the Great Recession. And many of the troubled banks held large amounts of their own governments’ debt.