Foreword
We are witnessing one of the most important episodes in financial history. The situation started with the crisis in the US financial system, is now challenging the European Union project and will hopefully finish with some lessons learned and a more robust and efficient financial system.
Arguably, the start of this crisis goes further back in time with years of excess leverage in the private sector ignited by low interest rates and prodigious financial innovations. The failure by some agents to identify the risks associated with such leverage and the interconnectivity of a global financial community has resulted in the difficult economic environment we are now experiencing. Governments had to step in and assume the excesses of the private ...
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