It is being hoped that the crisis would come to an end within a few months and would not take a terrific form like the great depression. Are The nature, origin and consequences of a financial crisis are more or less similar for different nations and time periods? Can appropriate attention and awareness help us take proper preventive measures or steps towards correction? In this backdrop we may look into the impacts of the global financial crises on the European Union member nations.The paper compares the nature and characteristics of some of the crucial financial crises of the world and considers examples of some nations like China, the USA, the UK and India who have faced it. We also come to know how each of the important nations has participated in combating the crisis. What are the factors which led to the crisis of 2008 and also that of 1929? What are the consequences and the possible destination of this process? What are the recommendable measures to correct this problem? Are financial crises always predictable or is it difficult to actually prepare oneself for this?The discussion of the paper begins with a short introduction to the Great Depression of 1929 with the intention of analyzing the possible causes and theories behind the event. The introduction chapter continues to point out different theories with the intention of comparing the two financial crises – the Great Depression and the recent crisis of 2008. Following the leading paragraph summarizing the recent crisis, the main thesis is presented and this in turn is followed by the other research questions explored in the paper. After accomplishing this purpose, we can move on to analyze the impact of the recent global crisis on the different nations belonging to the European Union as well as the emerging economies like China. The idea of taking China into the picture is the trend of growth this nation has achieved in recent years.