While the US and European banking systems were overwhelmed by the subprime crisis and credit crunch, Mediterranean member countries of the FEMIP (*) to a large extent withstood the crisis in 2009. How did they overcome this hurdle, and how can the road to growth be rediscovered? A study on this issue was published by Femise and the EIB on 29 November 2010.
The difficulties associated with the crisis must not call structural policies into question. On the contrary: Mediterranean states’ tradition of support should continue, with an emphasis on industrial policies and continued efforts at opening up their markets.
EGYPT. Strong internal demand and government measures to support the economy allowed Egypt to avoid the worst effects of the global crisis. For 2011, the Egyptian authorities have forecast economic growth of more than 6%.