Publication

After the 1997 Asian financial crisis and its contagion through the developing world, a major discussion on reforms of the global financial architecture took place, with rather limited success. When the global financial crisis hit, first through the eruption of the subprime crisis in August 2007 and, in particular, the global financial meltdown of mid-September 2008, the world had a strong sensation of déjà vu, not only in terms of financial crises and their contagion, but also of the inadequacy of international institutions to deal with them.