Ten Years into the Global Financial Crisis. The Current State of Finance in the EU: Prospects and Alternatives


Papers presented and discussed during a workshop in March 2019 at the Nicos Poulatzas Institute, Athens.


The year 2008 is conventionally considered to mark the start of a financial crisis that shook the foundations of the advanced capitalist world, starting from the USA and spreading to Europe with the speed of a wildfire. Indeed, the collapse of ‘Lehman Brothers’, a US based investment bank, on 15 September 2008 made the leaders of both the USA and of the EU hold their breath.

Although the novelty of the situation and the fear of a new depression spearheaded many governments into action, ten years later, the ripples from the shock of the crisis are still there. This is not only due to the intensity of the crisis, but also to the ways and means adopted in dealing with it both in the US and in the EU. Thus, on the occasion of an ‘unhappy anniversary’, we thought it was time to visit certain issues and areas that are pertinent to the present state of the financial services sector. Our main focus is on Europe and in particular on the EU, although references are also made to the USA, which remains the precursor of things to come in the financial world.

This present volume includes papers presented and discussed during a workshop that took place on 28 and 29 March 2019 at the Nicos Poulatzas Institute, Athens. The objective of the workshop was to contribute to the debate over the state of the European financial system after the 2007/2008 global financial crisis, by bringing out the adjustment process that has taken place, its future prospects and the alternatives that may be proposed from a left perspective.

Areas under discussion included the US-EU financial nexus, new developments in the financial services sector and associated risks, the economic and social implications of non-performing loans, with special reference to the Greek case. Alternatives from a radical Left perspective, especially put forward by the European Economists for an Alternative Economic Policy (EuroMemo Group) were also extensively discussed.

It is hoped that the present publication will contribute to the deepening of the discussion of issues that may appear technical at first sight, but which are deeply political and that it will be the beginning of a much needed further debate in this area from a radical left perspective.

Project Coordinators
Marica Frangakis
Aimilia Koukouma