In a similar vein, in carrying out my duties as Governor I have felt great academic curiosity about the character of the recent global financial crisis.
And my conclusion has been that the recent crisis has been a composite one, in that it has involved all facets of past crises, including excessive financial liberalization policies such as financial engineering for example of derivatives, contagion to neighboring economies, large amounts of public debt, rigid exchange rate regimes, the generation of innocent bystander victims, and inefficient financial surveillance and regulation.