Looking forward, at the current juncture the outlook for the subsequent evolution of the subprime originated turmoil is highly uncertain. In order to obtain some indication on the possible propagation of market tensions, I would like to refer to Box 5 in the Review which focuses on the interactions between credit and market de-leveraging cycles.
I am certain that we all agree that people, knowledge and trust are the key foundations of states and all institutions, particularly banking. Trust is a house of cards, destroyed by a tad of doubt, while the fortresses of doubt are made of the strongest material – prejudices and fear.