This Group was mandated to consider the future of European supervision and regulation in light of the financial crisis. Their Report summarises the serious situation that we are all facing and I quote “[s]ince July 2007, the world has faced, and continues to face, the most serious and disruptive financial crisis since 1929.
Originating primarily in the United States, the crisis is now global, deep, even worsening. It has proved to be highly contagious and complex, rippling rapidly through different market segments and countries. Many parts of the financial system remain under severe strain. Some markets and institutions have stopped functioning. This, in turn, has negatively affected the real economy. Financial markets depend on trust.