Explaining performance differences in Europe during the recession

Laure Turner T he recession that hit most countries from mid-2008 was on a scale not seen since the end of the Second World War. In Europe, activity declined very much at the same time, but the slide in growth was not on the same scale in the major European countries: the recession was very pronounced in Germany and in Italy, but affected France and Spain less, while the United Kingdom was somewhere in the middle.