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Crisis Playbook
[edit]This timeline compares how the EU used bailout tools, labor reforms, and competition rule changes during the Eurozone crisis.
2010 Eurozone Rescue Mechanism
[edit]- May 2010 - EU creates the EFSF to help struggling euro countries.
- Nov 2010 - Ireland gets the first bailout.
-2012 - ESM replaces EFSF as a permanent fund.
Collective Bargaining Changes
[edit]- 2010-13 - Austerity weakens national labor deals.
- 2011 - Greece allows company-level wage deals.
Competition Policy Flexibility
[edit]- 2010-12 - EU relaxes rules so states can aid banks.
- 2012 - Temporary rules for aid and restructuring.
- Post-2013 - Normal rules return, but its impact on recovery is debated. [citation needed]