Social dialogue and recession in the banking sector (info sheet)

Corporate, Eurofound

Overview

Information sheet

Social dialogue and recession in the banking sector (info sheet)

Published: 16 February 2012

Eurofound

Labour market policies

Structural change

Employee representation

The financial global crisis, the deepest the world has experienced since the 1930s, originated in the US mortgage market and led to a liquidity shortfall in the US banking system, the full effect of which started to be felt in August 2007. One of the first victims was the UK bank Northern Rock, which requested security from the Bank of England, leading to investor panic and finally to the nationalisation of the bank in February 2008. This was an early indication of the problems to be faced soon by other financial institutions.

Number of pages

2

Reference no.

EF11152

Research report

8 January 2012

Recession and social dialogue in the banking sector: a European perspective

The worldwide banking system is at the heart of the greatest economic crisis for at least 70 years. The crisis has strongly affected a sector that had already experienced significant changes in the preceding 30 years. Structural changes in the world economy, caused by globalisation processes and technological development, transformed the banking system internationally. On top of these global developments, the European banking system faced challenges caused by the European integration process and the creation of the European Single Market.

Research report

18 July 2011

Recession and social dialogue in the banking sector: a global perspective

Financial activities are at the origin of the current global crisis but have also been affected by the economic downturn. This report analyses the impact of the financial crisis on the banking sector in the following countries: Germany, France, Italy, the Netherlands, Spain, Hungary, Sweden, Estonia, UK, US, Japan, Brazil and China. An executive summary is also available.