There have been many different recessions, depressions, and economic downturns in various countries over the past centuries. Some have been local and some global in reach. The most recent global downturn, beginning in 2008, affected primarily developed countries, with many emerging economies still growing steadily. There have been several causes for economic problems in the rich world. First, there was the United States subprime mortgage crisis which resulted in a global financial crisis. Second, there have been ongoing financial crises in the European Union, especially in Ireland, Greece, Spain, and Portugal, which, due to monetary union, cannot be resolved by devaluation.