The reorganisation of the European regulatory structure

What began four years ago as a purely American crisis with the decline in US real-estate escalated into a global financial and economic crisis, becoming the worst crisis in international financial markets since the late 1920s. In order to prevent the impending collapse of the entire global banking system, government financial assistance and guarantees of previously unimaginable proportions were necessary. The financial crisis of 2007 and 2008 is not only a financial and economic crisis, even though it is widely designated as such. It also has a social and societal component, and thus an impact on all aspects of daily life that has quickly spread in its effects to all continents.