 "It took far too long for policy makers in advanced countries to realize that the great recession caused by the financial crisis had important structural and secular components")
A lesson learned should lead to meaningful changes by individuals and institutions. That has largely been the case in the decade since the financial crisis almost tipped the global economy into a prolonged depression that would have devastated livelihoods for at least a generation. But there are also consequential lessons that haven’t been sufficiently internalized; and some that were not foreseen at the time of the crisis but are now urgent and important.
Here’s a summary scorecard of post-crisis accomplishments, unfinished business and unintended consequences.
Accomplishments:
- A safer banking system. Thanks to strengthened capital buffers, more responsible approaches to balance sheets and
