Political responses The financial crisis and the subsequent economic downturn have called for unprecedented policy responses by both fiscal and monetary authorities worldwide. 1  See de la Dehesa, Guillermo (2010): Twelve Market and Government Failures Leading to 2008–09 Financial Crisis, Occasional Paper No 80, Group of Thirty, Washington DC.
BIS Review 144/2010  3  Differences in the economic and financial structures and the political set up of the Euro area compared to the United States led to different specific measures – aiming at achieving the same goals, however. Let me elaborate on these structural differences: –  First, the economic structures of the Euro area and the United States differ a lot.