Colliers International is a global commercial real estate services organization. According to their experts, the major economic events of the last decade include the introduction of EURO, global economic crisis and the Eurozone crisis. The events emphasised by Colliers create an axis of time, on which we can observe the history of economic development in the last decade. The analysts underscored the development of the commercial real estate market.
The events described by Colliers are:
2002 – Euro notes and coins arrive in 12 countries.
2003 – the EU takes on peace-keeping operations in the Balkans.
2004 – eight countries of central and eastern Europe — the Czech Republic, Estonia, Latvia, Lithuania, Hungary, Poland, Slovenia and Slovakia — join the EU. 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.
2006 – record property investment transaction levels in the Eastern European countries.
2007 – Bulgaria and Romania become new members of the EU. The Treaty of Lisbon is ratified by all EU countries.
2008 – Lehman Brothers collapse, causing panic across global financial markets.
2009 – the exhaustion of Eastern European ‘de-coupling theory’. Poland is the only country to weather the worst global and European crisis since the 1930s.
2010 – the Eastern European economy gets back to growth. EU leaders adopt „Europe 2020”. All 16 Eurozone countries back a plan to help Greece deal with its deficit.
2011 – Greek debt crisis starts to unfold, panicking financial markets. A treaty to create the European Stability Mechanism (ESM) is signed. More stringent EBA stress tests are published. 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.
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