The fiscal impact of financial sector support measures

Where do we stand a decade on from the financial crisis?

Prepared by João Domingues Semeano and Marien Ferdinandusse

This box takes a further look at the fiscal impact of the financial sector support measures taken in the ten years since the financial crisis struck. With the euro area economy entering its fifth year of expansion, this seems like a good moment to take stock of the fiscal costs of the crisis and the extent to which the recovery has helped to recoup them. This is done by focusing on the measures’ impact on deficits and debt, and on the state guarantees granted to banks and other financial institutions.[1] Steps have been taken since the crisis to improve the supervision of the financial sector, the orderly resolution of failing financial institutions, the sustainability of public finances and the resilience of sovereigns, for example by establishing bodies like the Single Supervisory Mechanism, the Single Resolution Mechanism and the European Fiscal Board.

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