The global economy suffered the worst crisis since the Great Depression of the 1930s, and was long unable to recover from the recession that followed. Fortunately, the global economy is now reemerging from the aftermaths of the crisis: growth has gained momentum, and the markets have stabilized. This is a result of many countries’ work in cooperation to make their financial systems more stable.
Just to give you an impression of the numbers: in the United Kingdom the financial sector contributed 9½% to gross value added in 2009, compared to 5½% in the euro area and just 4% in Germany. Looking back to the origins of the crisis, there is little doubt that an inadequate regulatory framework was its most important cause.