Source: escb, (viewed 28.05.2017)

At this stage the European Commission faced a problem that government support must be limited to the necessary minimum and cannot become stable, continuous and protracted, so they were forced to check the government reviews of the guarantee and recapitalization schemes every six months .Asset relief schemes were imposed in response to continuous public support to the banking sector in early 2009, with the aim of providing relief for impaired bank assets. Despite asset relief schemes were regulated on the supranational level by the Eurosystem and the European Commission since February 2009, some actions were also taken on national level, for instance, Ireland created a National Asser Management Agency in April 2009, and the Spanish Fund for Ordered Bank Restructuring (FROB) was established in June 2009. Both institutions provided a strategy of banks with risky financial liability restructure. Focusing on exchanging financial instruments, Germany provided asset-backed securities and collateral debt obligations for bonds. German banks were forced to pay a fee to the government for the guarantees, and debt obligations were backed by the state. This asset relief scheme was introduced by the German government in July 2009, and later this policy was denoted as the most effective one in the EU area, dealing with the crisis challenges. The following table shows us the value of different actions, which were taken in order to stabilize financial sector within the Euro area.

Cumulated financial sector stabilization operations and their impact on government debt (2008-2009, percentage of gdp)

	Measures impacting government debt (2008-2009)								Total impact of government debt 2008-2009		o/w impact in 2008
	Capital injections			Asset Purchases		Debt assumptions/cancellations		Other measures
	Acquisition of shares	Loans
Germany	1.8	0.0	1.7		0.0		0.0		3.5		2.2
Ireland	6.7	0.0	0.0		0.0		0.0		6.7		0.0
Greece	1.6	0.0	0.0		0.0		0.0		1.6		0.0
Spain	0.0	0.0	1.8		0.0		0.0		1.8		0.9
France	0.4	0.0	0.0		0.0		0.0		0.4		0.6
Italy	0.1	0.0	0.0		0.0		0.0		0.1		0.0
Austria	1.8	0.0	0.0		0.0		0.0		1.8		0.3
Euro area	1.4	0.2	0.9		0.0		0.0		2.5		2.0

Source: European System of Central Banks, (viewed 30.05.2017)

Notes: Great Britain, Poland and Norway have different currencies; they do not belong to Euro area.

From the table you can see all government interventions conducted in the form of capital injections, asset purchases and other measures, which altogether show the general policy on covering crisis by the Euro area. We shall also look how financial support operations had worsened the euro area budget balance by a cumulated 1.8% of GDP between 2008 and 2009.

Fiscal impact on financial sector support over the period 2008-2014 (percentage of 2014 GDP)

	Net fiscal costs				EDP debt impact		Memo item: Change in government debt
	Total	Net acquisitions of financial assets	Cumulated impact on budget balance(deficit(+), surplus(-)			(end of 2014)		2008-2014)
			Total	Due to capital transfers
Germany	8.0	6.7	1.3	1.8		8.2		11.0
Ireland	31.1	9.6	24.1	25.7		22.6		85.7
Greece	22.1	0.6	12.5	14.9		22.2		73.7
Spain	5.0	0.1	4.4	4.8		5.0		62.2
France	0.0	0.6	-0.1	0.1		0.1		31.1
Italy	-0.1	0.0	-0.1	0.0		0.1		32.4
Austria	3.5	0.4	3.1	3.6		8.4		19.7
Euro area	4.7	2.9	1.8	2.1		4.8		27.0