Even with these heroic efforts, the global financial crisis has cost $ trillion in lost output and 28 million lost jobs, and built perilous fiscal deficits. As is typically the case, much of the cost has been borne by countries, businesses and individuals who did not directly contribute to the fiasco.
4  BIS central bankers’ speeches  To restore confidence in the system, we must create a truly global system, in part by rebalancing the relationship between governments and markets. Governments must discard the myth that finance is self-regulating and self-stabilising, and financial policy-making can no longer be concentrated at national levels.