Finally, in the last part, I would like to make some considerations on the potential new environment for policy makers, and in particular for central banks, that may be a key legacy of the current crisis. Section 1.
Market failures in the financial system Highlights of the crisis The start of the financial crisis was triggered in the summer of 2007 by the realisation that the risks associated with the US market for sub-prime mortgages were not properly reflected in the price of related instruments, particularly mortgage-backed securities.