In this regard, what I find notable is that there was a remarkable shift in conventional wisdom regarding bubbles and monetary policy over the course of just five or six years. Furthermore, I feel that we tend to forget the fact that bubbles and financial crises have happened repeatedly. One must, therefore, remain humble when taking the wheel of policy.
European debt crisis The second event that I wish to take up is the European debt crisis. As we know, this crisis emerged following the extensive revision of past fiscal balance statistics by the Greek government.