Unfinished business

As we are approaching the tenth anniversary of the global financial crisis, Unelected power and Unfinished business address questions that remain critical to this day. How did the crisis happen? How was it resolved? Was a more robust and resilient system put in place and has the system become better at preventing financial instability? In Unfinished business, Tamim Bayoumi, deputy director in the Strategy, Policy and Review Department at the IMF, dates the beginning of the global financial crisis to exactly 9 August 2007—a year earlier than the widely accepted date of 15 September 2008—as this is when the first signals of distress in the subprime mortgage market became apparent. The book opens in Paris, at BNP Paribas, where on 9 August the trading in securities linked to the US subprime mortgage market was suspended for lack of liquidity. What seemed to be a blip in a remote market then became the trigger for a major banking crisis. It is indeed Europe where Bayoumi focuses his analysis because—and this is the key point of Unfinished business—he sees the 2007–2008 US banking crisis and the 2010–2013 eurozone banking crisis as intertwined. Bayoumi makes it clear throughout the book that these should not be seen as two separate events

Business · Economics · Financial crisis · Financial market · Financial system · Keynesian economics · Legitimacy · Market liquidity · Political science · Politics · State (computer science · Subprime mortgage crisis · Finance · Global Financial Regulation and Crises · Law