There are many theories surrounding the roots of the crisis: I would not go into the polemics, except to say that we are where we are now as a result of several “sins” in the world’s major economies, including for example, a prolonged build-up of structural imbalances; inadequate financial sector regulation, excessive risk taking and a fair amount of greed.
Amando M Tetangco, Jr: Launch of the Strengthening Program for Rural Banks (SPRB) Keynote message by Mr Amando M Tetangco, Jr, Governor of Bangko Sentral ng Pilipinas (the central bank of the Philippines), to the Philippine Deposit Insurance Corporation (PDIC), Makati City, 8 August 2010.