Publication
14 Nov 2008
The under-pricing of risk in almost all financial markets until 2007 was a global phenomenon which regulators could not have prevented. But something could have been done. It is now clear that monetary policy should have reacted earlier to the boom in house prices and regulators should have forced banks to accumulate larger reserves for the tougher times that had to come sooner or later.
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English (PDF, 3 pages, 52 KB) |
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Author | Daniel Gros |
Series | CEPS Commentaries |
Publisher | Centre for European Policy Studies (CEPS) |
Copyright | © 2008 Centre for European Policy Studies (CEPS) |