Subsequently, due to the effects of exhaustive policy responses by the governments and central banks, the global economy gradually started to recover around the spring of 2009 and profits and funding conditions of major U.S. and European financial institutions improved significantly.
However, against a backdrop of European fiscal problems including those in Greece and Ireland as well as heightened uncertainty about the future of the U.S. economy, there have been phases in which financial markets have become unstable again since the spring of 2010.