Warsaw, 19 April 2013 – Colliers International published the brochure, describing the ten major macroeconomic events of the last decade.
Experts from Colliers International broached the subjects of introduction of EURO currency, further integration of the European Union, attempts in fighting global warming, collapse of the US sub-prime market and its global consequences and the Eurozone crisis. By reason of Colliers’ scope of business, some events from the commercial real estate market may be found in the booklet.
The presentation of events is constructed in the form of the time line. Passing years are accompanied with short descriptions of the major macroeconomic event in each year. The brochure portrayed the overall economic development in the last decade, particularly with attention to real commercial real estate market.
- 2002 - Euro notes and coins arrive. Printing, minting and distributing them in 12 countries.
- 2003 - The EU takes on peace-keeping operations in the Balkans, agreeing to create an area of freedom, security and justice for all citizens by 2010.
- 2004 - Eight countries of central and eastern Europe — the Czech Republic, Estonia, Latvia, Lithuania, Hungary, Poland, Slovenia and Slovakia — join the EU, finally ending the division of Europe decided by the Great Powers 60 years earlier at Yalta. Cyprus and Malta also become members.
- 2005 - The Kyoto Protocol, an international treaty to limit global warming and cut emissions of greenhouse gases, comes into force. The EU has consistently taken the lead in efforts to reduce the impact of climate change.
- 2006 - The wave of money seeking a home in real estate continues to build-up a head of steam, driving record property investment transaction levels in the Eastern European, and wider European, commercial real estate market.
- 2007 - Bulgaria and Romania join the EU. The Treaty of Lisbon is ratified by all EU countries. It is designed to make the EU more democratic, efficient and transparent enabling Europe to tackle climate change create and sustainable economic development. The Eastern European investment market peaks, as the US Subprime market collapses, followed by runs on specific UK and US banks at the end of the year.
- 2008 - will always be known for the collapse of Lehman Brothers, as they file for Chapter 11 bankruptcy protection in September 2008. What followed was what many have called the “perfect storm” of economic distress factors, as widespread panic across global financial markets ensues.
- 2009 - Eastern European ‘de-coupling theory’ battered, as economies in the region dip sharply into recession. Only Poland weathers the worst global and European crisis since the 1930s.
- 2010 - The Eastern European economy gets back to growth. EU leaders adopt Europe 2020 targets as all 16 Eurozone countries back a plan to help Greece deal with its deficit. 91 European banks undergo stress tests to assess their resilience to economic shocks. All but seven pass the tests.
- 2011 - Greek debt crisis starts to unfold, panicking financial markets. A treaty to create the European Stability Mechanism (ESM) is signed, with ability to lend up to €500 bn to Euro area countries in crisis. More stringent EBA stress tests are published. Some 83 out of 91 banks pass. 17 members of the euro area and several other EU countries agree to participate in a new ‘fiscal compact’ and to coordinate their economic policies more tightly.
- 2012 - More banks pass final round of EBA stress tests, although Spain creates nationalised bad bank to process toxic bank assets. European Council EU leaders take first step towards implementing banking union. They create a ‘single supervisory mechanism’ (SSM), allowing the ECB to supervise large euro area banks directly.
The report is available HERE