From cosy consensus to crisis

There will have to be a massive overhaul of the financial system if we want to make sure that the current economic crisis is not repeated

20th December, 2005

It is now clear that the global economy is in recession. It is probable that the downturn will be deeper and more protracted than any slump in living memory. It is possible that recession could turn to depression. These awful realities, and the even more awful risks, are the result of the failure of the global financial system as it has operated in recent decades.

The broad, if imperfect consensus that had existed on the...

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