More specifically, the report recommends that for the largest cross-border financial firms, the most directly involved supervisors and central banks should establish a small group to address specific cross-border crisis management planning issues. I believe that in Europe, the right principles have been agreed to meet this recommendation.
The global financial crisis, which stemmed from the bursting of the subprime mortgage bubble in  8  On the enormous improvement in living and health conditions practically everywhere in the world since World War II and on the uneven developments in the distribution of income and opportunities, with reference to environmental, health, and political disasters, see Angus Deaton’s profound, impassioned recent book, The Great Escape: Health, Wealth and the Origins of Inequality, Princeton, N.J., Princeton University Press, 2014.