As rightly pointed out in the de Larosière report,  6  BIS central bankers’ speeches  “… The world’s monetary authorities and its regulatory and supervisory financial authorities can and must do much better in the future to reduce the chances of events like these happening again.” Thank You.
The uncertainty surrounding the global economic outlook remains higher than usual. It seems that the adverse effects of the financial turmoil on world economic activity will be stronger and more protracted than initially thought. This is the case in particular with the US economy (where the housing crisis is serious and is spilling over to other sectors).