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Đo lường tác động kinh tế của kích thích tài chính theo EERP EU cân bằng thanh toán thị trường lao động hỗ trợ và các biện pháp bảo vệ cuộc khủng hoảng xã hội: ví dụ về thực hành tốt đóng góp tài chính cấp ồ ạt thanh lý vị trí của họ và thị trường chứng khoán đi vào hạ cánh. | 111.2.1. Measuring the economic impact of fiscal stimulus under the EERP 70 111.2.2. EU balance of payments assistance 73 111.2.3. Labour market and social protection crisis measures examples of good practice 76 111.2.4. EU-level financial contributions 77 x EXECUTIVE SUMMARY 1. A CRISIS OF HISTORIC PROPORTIONS The financial crisis that hit the global economy since the summer of 2007 is without precedent in post-war economic history. Although its size and extent are exceptional the crisis has many features in common with similar financial-stress driven recession episodes in the past. The crisis was preceded by long period of rapid credit growth low risk premiums abundant availability of liquidity strong leveraging soaring asset prices and the development of bubbles in the real estate sector. Over-stretched leveraging positions rendered financial institutions extremely vulnerable to corrections in asset markets. As a result a turn-around in a relatively small corner of the financial system the US subprime market was sufficient to topple the whole structure. Such episodes have happened before e.g. Japan and the Nordic countries in the early 1990s the Asian crisis in the late-1990s . However this time is different with the crisis being global akin to the events that triggered the Great Depression of the 1930s. While it may be appropriate to consider the Great Depression as the best benchmark in terms of its financial triggers it has also served as a great lesson. At present governments and central banks are well aware of the need to avoid the policy mistakes that were common at the time both in the EU and elsewhere. Large-scale bank runs have been avoided monetary policy has been eased aggressively and governments have released substantial fiscal stimulus. Unlike the experience during the Great Depression countries in Europe or elsewhere have not resorted to protectionism at the scale of the 1930s. It demonstrates the importance of EU coordination even if this crisis