Ignazio Visco: Challenges to international cooperation in the wake of the global crisis Speech by Mr Ignazio Visco, Deputy Director General of the Bank of Italy, at The Italian Chamber of Commerce and Industry for the UK XXXI Annual Conference “A New Approach for Global Economic and Social Growth”, London, 16 October 2009. * 1.
The unfolding of the crisis  1.1  Origins  *  *  Whether the global crisis that has hit the world economy so severely since August 2007 was rooted in macroeconomic causes is an open question. To be sure, the trigger and proximate causes of the crisis were essentially financial, originating in a specific segment of the US financial system, i.e.