Over the last two decades, demand for foreign exchange not only expanded but its composition has also changed to reflect new patterns of consumer spending, for example, 4  BIS central bankers’ speeches  use of credit cards for making online payments.
But was the crisis really caused by financial markets that were “out of control” and then paid for by the real sector – and naturally also by the taxpayer? This frequently voiced assumption is not entirely wrong, but it is not entirely correct, either.