1
00:00:00,000 --> 00:00:18,800
As financial markets around the world crashed, the European Union brought together its member

2
00:00:18,800 --> 00:00:25,600
states and institutions to find a joint response to the crisis.

3
00:00:25,600 --> 00:00:31,200
The crisis summits of EU leaders helped forge a common programme.

4
00:00:31,200 --> 00:00:38,800
Working in unison, EU governments pumped more than 2 trillion euros into coordinated rescue efforts.

5
00:00:38,800 --> 00:00:41,000
They supported banks.

6
00:00:41,000 --> 00:00:43,800
They provided guarantees for lending.

7
00:00:43,800 --> 00:00:50,700
They raised protection levels for people's savings accounts to a minimum of 50,000 euros.

8
00:00:50,700 --> 00:00:56,700
They maintained a flow of affordable credit for businesses and households.

9
00:00:56,700 --> 00:01:03,100
And the euro provided an anchor for Europe amid the turmoil.

10
00:01:03,100 --> 00:01:08,500
The problem also demanded global solutions, and the EU was central to discussions on international

11
00:01:08,500 --> 00:01:12,200
action in New York, Camp David or Beijing.

12
00:01:12,200 --> 00:01:15,700
This is a global financial crisis that requires global solutions.