But this is only part of the story, because a number of other factors played a crucial role in triggering the turmoil and in propagating and amplifying its effects.
Creation of a central authority for resolution of financial firms in distress also needs an early finalization. 19. High levels of debt accumulation by corporates has been encouraged in part by the availability of low-cost, abundant and flexible debt, facilitated by the search-for-yield environment created by the extraordinary policy measures undertaken in the US, UK, euro area and Japan.