A broadly similar pattern holds true for the euro area, and ultimately also for the emerging market economies. In my address to you today, I will take a global perspective on the crisis, its root causes and the policy response.
What the crisis has changed and how fast One striking aspect of the current crisis is how quickly it has reversed some of the features of the global economy that seemed well-performing in recent years, at least to many observers. Let me highlight four areas were we have seen changes as being particularly abrupt. These areas are housing, finance, trade and international capital flows.