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Hans-Helmut Kotz

In: Capital Market Reform in Asia: Towards Developed and Integrated Markets in Times of Change

Chapter 7: Facing the North-Atlantic Financial Crisis: A European Perspective*

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Facing the North-Atlantic Financial Crisis: A European Perspective*
Facing the North-Atlantic financial crisis: A European perspective
Hans-HelmutKotz
The North Atlantic Financial Crisis: Protracted Acknowledgement

In retrospect, we date the beginning of the financial crisis to early August 2007. At that time, however, this was by no means a consensual view. Talk was of turbulences. And, in fact, we were still far away from what brought over the course of a year at least the North Atlantic economies close to a financial meltdown.1 In early August 2007, the first hints of trouble came from interbank money markets—an activity, while being essential, largely conducted outside of public attention. In fact, to the non-acquainted, the sudden jump in the interest rate differential between unsecured and collateralized interbank loans was barely more ...

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