Comparing the 2008 global financial crisis and the European Sovereign debt crisis.

EUROSTAT is the statistical agency of the European Commission that provides data to the institutions of the 28 nations (note, the number of nations may be affected by Brexit results) of the European Union (EU-28) and harmonizes statistical methods across member states. GDP at market prices and the GDP deflator can be downloaded from the database under the prefix: National accounts indicator ESA1O.

a. Look at the data on both the GDP deflator and GDP at market prices during the global financial crisis from 2007 till 2009 and then during the European Sovereign Debt Crisis from 2010 till 2015. Which of the two crises had a larger recessionary impact?

b. According to the EUROSTAT's labor force survey, which of the two crises marked a higher level unemployment level?

c. EUROSTAT presents statistical data on business demography in the nations of the EU-28, measuring the total number of active enterprises in the business economy, their birth rates, death rates, and the survival rates. While the enterprise birth rate is seen as an indicator of job creation and GDP growth, enterprise death rate is an indicator of a recession. The two recessions showed that the enterprise death rate was slightly higher than the birth rate. How does this relate to your answers in parts

(a) and (b)?