As it has been emphasized, in academic publications and in the press, the current turmoil presents both similarities and differences with respect to earlier financial crises, in particular the crisis that led to the Great Depression in the 1930s. As in the past the crisis is marked by a loss of confidence by investors and the public towards key financial institutions and markets.
This is a CARTAC contribution which we consider extremely important in helping to develop the capacity of our future policy makers. We also commend CARTAC for organizing the summer internship program – we have had the good fortune of having some excellent interns and we will continue to participate in this initiative.