Publication
11 May 2010
In his seminal work on international financial crises, Larry Summers wrote that policy-makers facing a crisis tend to go through a process reminiscent of the five stages of grief. The process starts with denial that a crisis could be taking place. This is followed by anger, with a tendency to assign blame (speculators, rating agencies, etc.). Third, there is the bargaining (with the markets, seen as potential saviors). Fourth comes despair, leading eventually to the decision to call for help (IMF, EU). It is finally only in the fifth stage – acceptance – that the way is opened to a credible plan.
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English (PDF, 2 pages, 140 KB) |
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Author | Daniel Gros, Thomas Mayer |
Series | CEPS Commentaries |
Publisher | Centre for European Policy Studies (CEPS) |
Copyright | © 2010 Centre for European Policy Studies (CEPS) |