2008krisen

2008krisen, in Danish sources commonly referred to as the global financial crisis of 2007–2008, was a severe worldwide economic downturn that began with the collapse of the United States housing market and spread through global financial systems. The crisis was driven by excessive risk-taking in the financial sector, high leverage, and complex instruments tied to subprime mortgages, compounded by gaps in regulation and supervision.

Key events in 2007–2008 included a liquidity squeeze for banks, the failure or rescue of major institutions, and unprecedented government interventions. Central banks lowered interest rates and expanded liquidity facilities, while governments implemented fiscal stimulus and bank rescue plans, such as the U.S. Troubled Asset Relief Program.

Impacts were wide-ranging: many economies experienced sharp contractions in gross domestic product, asset prices fell, unemployment rose, and international trade declined. The crisis exposed vulnerabilities in financial systems and prompted a reevaluation of risk management, accounting standards, and supervisory practices across sectors and borders.

Responses and legacy: regulators and policymakers implemented reforms aimed at strengthening financial stability, including higher capital requirements, enhanced supervision, and crisis-management frameworks. The crisis also contributed to shifts in monetary and fiscal policy, increased emphasis on macroprudential measures, and reforms in global financial governance. Recovery varied by country, with some economies returning to growth more quickly while others faced prolonged weakness and subsequent sovereign debt challenges in certain regions.