Secondly, the fact that the pertinent economic and financial entity is now global, calls for an appropriate concept of global governance. In this respect, the crisis has been revealing. Extremely bold changes that seemed unthinkable have been triggered by the intensification of the crisis in mid-September 2008.
What if the pre-shock equilibrium is bad in the sense that it endogenously produces shocks? In other words, what if high policy resilience reproduces dynamics that regularly generate turbulence (MacKinnon and Derickson, 2013)? By definition, the concept of resilience has a bitter aftertaste.