In the year of 2007 Europe showed certain success in economy. It was opposed to US mortgage loan crisis, global slowdown of growth rate and inflationary pressures all over the world.
European economy was well appreciated by International Monetary Fund and Organization for Economic Cooperation and Development. It happened due to the fact that there was global economic instability all over the countries in 2007.

But later the situation has changed. Some European countries have suffered from certain financial problems. These countries were Italy, Spain and UK.

Denmark declared officially recession. Ireland shortened its growth expectations up to almost zero. Spain suffered from absence of any growth. And later UK also entered into recession.
German economy, which is considered Europe’s biggest one, also has come through some difficulties. Market analysts discuss whether increasing cost and strong Euro can save the situation.

Banks in Europe have shortened loans processes both for companies and for individuals.
Unruly oil prices and raw material prices led Europe to 4 per cent inflation rate in June 2008. Here Britain, Spain and Ireland took the leading positions in declining of consumer spending.
Nevertheless, certain growth in job direction was reached. It concerned jobs connected with health care, tourism, hospitality services.

Opposing to them was the lowering amount of jobs connected with banking sector.