Essay, Thesis

Good Essays
1 Introduction
1.1 Importance of the issue

Global Financial Crisis of 2007-2008 has been the worst since the Great Depression in the 1930s.The financial crisis has had a profound effect, much more than that anticipated by many. The national borders have been breached and the ramifications are still being felt far from the epicentre. Although the global economy is recovering, the confidence in the markets is still weak as market participants are looking for a direction which is by no means straight forward.

Mr. Jean Claude Trichet (President of the European Central Bank) opines that “financial crises share some commonalities. In particular, crises are associated with the emergence of euphoria and complacency in financial markets, typically supported by rapid credit growth and a growing belief that new concepts like financial innovation or technological advances have rendered old limits on economic performance obsolete.” [1]

At the same time Trichet acknowledges the fact that each crisis is also unique. Every crisis has its own characteristics which make it different from the previous ones. In order to avoid the next crisis it is essential to understand the causes and mechanisms behind the current crisis. Every crisis takes its own course in the financial system and affects specific sectors more than others.

As is the common perception, government regulations follow the crisis. Regulatory bodies analyse the events specific to the crisis and try to bring down formal regulations which would avoid a similar crisis in the future. After witnessing trillions of dollars of losses, high unemployment rates and company bankruptcies, national governments are pressurised and are expected to take immediate and concrete actions that restore the market confidence. But often, regulatory bodies come out with regulations which are not the optimal solution. These regulations can be more than required or sometimes, in political pressure emphasise on matters that are not the

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