Will the global economy stay resilient or will the pressure from trade wars and major imbalances send us on a path to another great recession? The great recession that started in 2008 revealed several problems within the major economies and in the global economic system. As a response to the crisis, several measures were taken to increase the resilience of the global financial system, such as the creation of the Banking Union in the EU, and the reduction of major imbalances such as the large current account deficit of the US and the large surplus of China. As tensions in the global economy are re-emerging and trade protectionism is on the rise, a recession may hit the global economy again. We shall discuss whether the major economies and the global economic system are better prepared for a recession than they were back in 2007 and whether they are prepared for the new challenges that have emerged recently. Particular attention will be made to the measures the EU took to strengthen the resilience of its economy and financial system and to reduce the macroeconomic imbalances within the EU.