One Hundred Years of Ineptitude
The 2008 crisis will most likely be remembered as a watershed moment – and not because it served as an effective wake-up call for policymakers. On the contrary, that crisis – and the failure of leaders to discern, much less act on, its lessons – may well open the way for many more crises in the coming decades.
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BERLIN – The global financial and economic crisis that began in 2008 was the greatest economic stress-test since the Great Depression, and the greatest challenge to social and political systems since World War II. It not only put financial markets and currencies at risk; it also exposed serious regulatory and governance shortcomings that have yet to be fully addressed.