The effects of 2008 financial crisis on EU and Turkey

Financial Crisises are associated with all instabilities which occurs in financial markets. The place where these instabilities occur, the time when these instabilities occur and other macroeconomic factors affect types of financial crisis. World have faced lots of global financial crisises from past to present. And also in Turkey lots of financial crisises have happened. The last crisis that world have faced is 2008 Global Financial Crisis. 2008 Global Financial Crisis is considered by many economists to be the worst financial crisis since the Great Depression of the 1930s. It resulted in the collapse of large financial institutions, the bailout of banks by national governments, and downturns in stock markets around the world.Main aim of this study is to examine 2008 Financial Crisis and impacts on Turkey and the European Union. Moreover, causes of 2008 Financial Crisis and which policies should be applied to overcome the contractionary effects of the global financial crisis is examined in detail.