Nevertheless, the country has not been spared the fall-out of the crisis, nor is its regulatory environment immune to the changes that are being implemented at the global level. Experience and implications of Europe’s economic policy challenges: lessons for emerging-market economies The crisis was characterised by a sharp and relatively synchronised global downturn. The recovery, however, has been varied across countries and regions.
The euro area has been particularly hard hit. Its banking sector is still in recovery mode, and while there appears to be some stability currently, the sovereign debt issue that threatened the existence of the euro zone as a single currency area earlier in 2010 remains unresolved.