Its indirect effects were however, felt far and wide, including the poorest developing countries which were affected through lower exports, lower remittances and lower foreign aid, all of which forced these economies to adopt austerity measures.
It is widely agreed that the international financial crisis of 2008/09 was by far the most severe in recent history and I guess, on this score alone, we should have expected the wide range of reforms that have been proposed and are currently being implemented.