I am aware that some of these suggestions might be difficult to implement quickly. But a discussion about their feasibility cannot come too soon. 2  BIS central bankers’ speeches
The global crisis and its impact on the European Union  The developments of the financial crisis that struck the world economy in August 2007 are familiar enough, so I will just summarize what to my mind are the main repercussions on the European Union. I will argue that the crisis had three distinct phases, each with distinct implications for the various EU countries.