I will concentrate on the most important cornerstones of the current financial crisis, from the perspective of a European central banker, of course. 2.1  The start of the crisis: fine-tuning money markets  On 9 August 2007, short-term money markets rates such as the overnight rate suddenly started to surge.
As you might surmise, those efforts are likely to result in a revised framework that is geared toward the kinds of exposures and risk-management systems typical of internationally active institutions. For these organizations, the benefits from more precisely aligning risks with capital charges, we trust, will outweigh the substantial costs of added complexity.