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Although the European authorities should be commended for the progress they have made in updating and improving frameworks and responding to the financial turmoil, more can be done.
- Economic Survey of the Euro Area 2009
The global financial crisis that emerged in mid 2007 has caused considerable economic disruptions in the United States and elsewhere, and exposed major flaws in the global financial system.
This overview paper examines the financial crisis in light of past country experience and economic theory and sets out some preliminary policy recommendations.