At the same time, the global crisis has shown that the global economy as an entity is more important than ever. The global crisis has taken a devastating toll on global growth and welfare.
An excellent example is the high-interest rate period we experienced in the late 1970s and early 1980s,  2  BIS Review 14/2004  when long-term certificates of deposit were redeemed early - despite the significant penalties assessed - in order to lock in higher market rates.