World Economic Forum, 2010.
The financial crisis of 2008 and the “Great Recession” of 2009 have shaken the very foundation of the financial architecture and raise challenging questions about the future of the global economy. They also highlighted the economic interdependencies, governance gaps and systemic risks intrinsic to globalization. These revelations compel us to rethink the purpose and business models of financial institutions, the role of financial innovation and governance of the global financial system. Rethinking has already triggered attempts at redesign. National legislatures, supervisory authorities and international organizations are now transforming institutions, policies and regulations with the aim of closing governance gaps, preventing systemic failures and restoring growth.
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