BIS Review 109/2009  1  As we have noticed, bubbles have burst and brought terrible impacts on the global economy since mid 2007. The most commonly used adjective to describe the current financial crisis is “unprecedented”.
It is unprecedented in terms of the speed at which events unfolded and triggered a series of domino effects; the scale of the impact that has become global; and it is truly unprecedented in terms of the panoply of unconventional measures taken by authorities around the world.