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Context of 'April 2, 2008: Europen Union Announces Investigation into Nationalization of Troubled British Bank'

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The European Union recognizes the independent states of Croatia and Slovenia. (US Department of State 12/6/1995)

The United States recognizes the states of Croatia, Slovenia, and Bosnia. The European Union, which has already recognized Croatia and Slovenia, recognizes Bosnia. (US Department of State 12/6/1995)

The European Union (EU) says it will launch a full investigation into the British government’s nationalization and bailout of troubled mortgage lender Northern Rock. Under EU rules, public support can be allowed to stop firms from going bankrupt, but long-term government aid that is seen to undermine competition is not permitted. (BBC 8/5/2008)

According to unemployment statistics compiled by Eurostat, the European Union unemployment rate has risen to 9.2 percent, its highest since September 1999, with 3.1 million jobs lost in April 2009, an increase of 556,000 from March. In the Eurozone, 396,000 jobs were shed and almost 15 million became unemployed. The lowest unemployment figures were in the Netherlands at 3.0 percent and Austria at 4.2 percent. The highest figures were in Spain at 18.1 percent, Latvia, 17.4 percent, and Lithuania, 16.8 percent. Eurostat is the Statistical Office of the European Communities located in Luxumbourg and is charged with providing statistics for comparisons between European countries and regions. The Eurozone is comprised of the 15 EU states that have adopted the euro and created a currency union. (MercoPress 6/3/2009; Eurostat.com 6/3/2009; Rostom 6/3/2009)


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