Great Recession/Timelines

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A timeline (or several) relating to Great Recession.

2002-2007 US housing boom and bust

2007-2009 International financial panic

  • August 9 2007: The French bank BNP Paribas freezes its funds because it is unable to value their mortgage-backed assets. [5]

2008-2009 The policy response

Financial policy

  • The UK offers unlimited support to all UK banks by capital support, equity purchase and lending guarantees [8] [9], and similar action is agreed by European Union leaders [10] and the US President[11]and there are rescues of individual banks in Europe [12][13] [14][15] and the United States [16].

Monetary policy

  • A coordinated discount rate cut of half per cent by the central banks of the United States, Europe, China, Britain, Canada, Sweden and Switzerland [17](in October) followed by progressive reductions to reach 1/4 per cent in the United States[18]. (December), 1/2 per cent in the United Kingdom [19] (March) and 1 per cent in the Eurozone[20] (May)
  • Quantitative easing (or "credit easing" in the case of the United States) is introduced by the central banks of the United States[21][22][23] (in December), the United Kingdom[24] (in January) and the Eurozone[25] (in May).

Fiscal policy

2009 Global downturn and (patchy) recovery