In some cases (such as Switzerland) the main source of the problem was the participation of banks in the tainted securitisations coming from the US; in other cases national bubbles were also present. From budget to banks But there are also pressures in the opposite direction, i.e.
from budget to banks, which have only now come to the fore for the first time in advanced economies (though this was long an important dimension of the banking crises suffered by many developing countries in the 70s, 80s and 90s).