Lessons from previous financial crises

The current international financial crisis, initiated in the US and followed by worldwide turbulence, reveals that it is very difficult to implement measures and legislation preventing economic turmoil. The policies promoted by governments and monitored by supervisory authorities in almost every country and international organisations, for instance EU, BIS, World Bank and IMF, are supposed to assure the stability of the international financial system and prevent exactly these events that is now occurring. The present monitoring system of the financial sector are certainly the most sophisticated ever, still we once again face financial fragility; and natural questions that surface are why and how should we counteract crises?

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