From a macroeconomic perspective, the crisis has been attributed to the persistence of global imbalances, excessively accommodative monetary policy pursued in major advanced economies and lack of recognition of asset prices in policy formulation.
From a microeconomic perspective, the crisis has been attributed to the rapid financial innovations without adequate regulation, credit boom and the  4  BIS central bankers’ speeches  lowering of credit standards, inadequate corporate governance and inappropriate incentive system in the financial sector and overall lax oversight of the financial system.