The recent financial crisis offered yet another impressive example. However, too much finance leads not only to financial turmoil but also to economic growth being stifled by mountains of debt. The overblown financial system and the extreme leveraging have left the world economy with a severe debt overhang, a mountain of debt.
Later in 1996, an IDB project implemented with participation of the Credit Union League, initiated a review of the regulatory framework and established the Credit Union Supervisory Unit within the Ministry of Finance with responsibility for the development and implementation of a system of surveillance for credit unions. For various reasons this has not worked out as envisaged.