It evolved from a crisis of liquidity into a full-scale crisis of banking and finance, and then into a global financial and economic crisis. And as we are all well aware, a great deal of attention is currently focused on fiscal policy and public finances.
At the same time, policy-makers around the world have so far fended off a number of threats: a global meltdown of finance, a downward spiralling of the economy and a massive increase in global levels of unemployment. Fundamentally, this is a crisis of valuation. But it is also a crisis that has led us, and continues to lead us, to fundamental re-evaluation.