Underlying causes It goes without saying that, determining the appropriate policy responses to the crisis requires a thorough understanding of its underlying causes. For this purpose, it is important to distinguish the macroeconomic factors from those of a microeconomic nature.
As for the macroeconomic factors, the roots of the current crisis may go as far back as the late 1990s, when global imbalances in current account positions and capital flows across major economies, particularly in the US, started to build up.