The global financial crisis first emerged in 2007 amid excess liquidity, a craze for esoteric hybrid financial products and supervisory tolerance in international banking. One by one, developed and developing nations found themselves forced to act. But with a few honourable exceptions, they did so only half-heartedly – a poor recipe for success. Nonetheless, the situation did improve, although serious vulnerabilities remain, which governments, regulators and supervisors would do well to address
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