At the beginning of 2008, a number of the world's major economies began to experience the effects of the biggest economic financial crisis in history. By the end of that year, the financial crisis was a global recession, and governments responded with changes to a suite of social and economic policies. Two broad stages of government response are identifiable: a period of stimulus followed by a move towards austerity. This study views the crisis period from the perspective of children and family policies and assesses the justification for the changes in the economic context and in the context of the recommendations for spending on children outlined in Doing Better for Children (OECD, 2009) of early investment with a focus on at-risk children. Across Europe, with few exceptions, child and family policies have more often than not avoided direct cuts; cash benefits are most often amended (and subject to temporary reduction in coverage or amounts); and (so far) during the crisis child and family policies continue to be advanced in many European countries.