It is on this dimension that the specificities associated with each financial crisis can play a key role. 8  BIS Review 57/2010  To illustrate, it is helpful to recall how the current crisis was triggered and propagated. The money markets played a crucial role in this respect.
Until mid-2007, money markets were viewed as quiescent and well-behaved – not as candidates for the outbreak of financial turmoil. 13 But, through the re-pricing and re-rating of sub-prime-related credit risk transfer instruments, the money markets came to play a central role.