European debt crisisThe European debt crisis, often also referred to as the eurozone crisis or the European sovereign debt crisis, was a multi-year debt crisis that took place in the European Union (EU) from 2009 until the mid to late 2010s. Several eurozone member states (Greece, Portugal, Ireland, Spain, and Cyprus) were unable to repay or refinance their government debt or to bail out over-indebted banks under their national supervision without the assistance of third parties like other eurozone countries, the European Central Bank (ECB), or the International Monetary Fund (IMF).
Emmanuel MacronEmmanuel Jean-Michel Frédéric Macron (emanɥɛl makʁɔ̃; born 21 December 1977) is a French politician serving as President of France since 2017. Ex officio, he is also one of the two Co-Princes of Andorra. Earlier, he served as the Minister of Economics, Industry and Digital Affairs under President François Hollande from 2014 to 2016 and Deputy Secretary-General to the President from 2012 to 2014. Born in Amiens, Macron studied philosophy at Paris Nanterre University, later completing a master's degree in public affairs at Sciences Po and graduating from the École nationale d'administration in 2004.
2007–2008 financial crisisThe 2007–2008 financial crisis, or Global Financial Crisis (GFC), was a severe worldwide economic crisis that occurred in the early 21st century. It was the most serious financial crisis since the Great Depression (1929). Predatory lending targeting low-income homebuyers, excessive risk-taking by global financial institutions, and the bursting of the United States housing bubble culminated in a "perfect storm". Mortgage-backed securities (MBS) tied to American real estate, as well as a vast web of derivatives linked to those MBS, collapsed in value.
Greek government-debt crisisGreece faced a sovereign debt crisis in the aftermath of the financial crisis of 2007–2008. Widely known in the country as The Crisis (I Krísi), it reached the populace as a series of sudden reforms and austerity measures that led to impoverishment and loss of income and property, as well as a small-scale humanitarian crisis. In all, the Greek economy suffered the longest recession of any advanced mixed economy to date. As a result, the Greek political system has been upended, social exclusion increased, and hundreds of thousands of well-educated Greeks have left the country.
Giuseppe ConteGiuseppe Conte (dʒuˈzɛppe ˈkonte; born 8 August 1964) is an Italian jurist, academic, and politician who served as prime minister of Italy from June 2018 to February 2021. He has been the president of the Five Star Movement (M5S) since August 2021. Conte spent the greater part of his career as a private law professor and was also a member of the Italian Bureau of Administrative Justice from 2013 to 2018. Following the 2018 Italian general election, he was proposed as the independent leader of a coalition government between the M5S and the League, despite his having never held any political position before.
Quantitative easingQuantitative easing (QE) is a monetary policy action where a central bank purchases predetermined amounts of government bonds or other financial assets in order to stimulate economic activity. Quantitative easing is a novel form of monetary policy that came into wide application after the financial crisis of 20072008. It is used to mitigate an economic recession when inflation is very low or negative, making standard monetary policy ineffective.
Italian ParliamentThe Italian Parliament (Parlamento italiano) is the national parliament of the Italian Republic. It is the representative body of Italian citizens and is the successor to the Parliament of the Kingdom of Sardinia (1848–1861), the Parliament of the Kingdom of Italy (1861–1943), the transitional National Council (1945–1946) and the Constituent Assembly (1946–1948). It is a bicameral legislature with 600 elected members and a small number of unelected members (senatori a vita).
Luigi Di MaioLuigi Di Maio (luˈiːdʒi di ˈmaːjo; born 6 July 1986) is an Italian politician who has been serving as EU Special Representative for the Gulf region since 1 June 2023. Di Maio also served as Minister of Foreign Affairs from 2019 to 2022, as Deputy Prime Minister of Italy and Minister of Economic Development, Labour and Social Policies from 2018 to 2019, and as Vice President of the Chamber of Deputies in the 17th Italian legislature. From September 2017 to January 2020, Di Maio was the leader of the Five Star Movement, an anti-establishment party founded by Beppe Grillo.
Great RecessionThe Great Recession was a period of marked general decline observed in national economies globally, i.e. a recession, that occurred from late 2007 to 2009. The scale and timing of the recession varied from country to country (see map). At the time, the International Monetary Fund (IMF) concluded that it was the most severe economic and financial meltdown since the Great Depression. One result was a serious disruption of normal international relations.
EurozoneThe euro area, commonly called the eurozone (EZ), is a currency union of 20 member states of the European Union (EU) that have adopted the euro (€) as their primary currency and sole legal tender, and have thus fully implemented EMU policies. The 20 eurozone members are: Austria, Belgium, Croatia, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.
