The fragile GDP growth and the unemployment data in the UK, USA and other crisis hit advanced economies still falls short of the pre-crisis level. On a positive note, the financial crisis provided valuable lessons for improving the effectiveness of financial system regulation and supervision.
To policymakers, it reminded that the present state of the international financial system requires a complete overhaul of the functioning of the markets and institutions. From supervisory perspectives, it showed that the available prudential regulations are simply not effective and prudent enough to ensure financial system stability.