ABSTRACT
This chapter assesses the state of affairs after the crisis, asking how large economic subsectors have behaved, and measuring the extent of growth recovery, particularly in China and Europe. It summarizes the stimulus plans adopted by the EU and their economic impact. The chapter evaluates the performance of these measures and demonstrates how economic recovery has led to a monetary crisis and problems with EU mechanisms of convergence and stability. It analyzes the Chinese strategy for stabilizing and relaunching its economy, describing the problems that it has faced. The origins of the European monetary crisis are to be found in the founding principle of the European Economic and Monetary Union by the Maastricht Treaty (1992), which entailed the abandonment of monetary sovereignty by signatory nations. State-owned companies were favored, which led to an increase in their available resources and to forms of renationalization because state-owned firms were able to take over lower-performing private firms.
