In addition, lack of transparency throughout the securitisation process (the process by which credit claims are engineered into complex structured products) made it difficult for market participants to identify where the risks were accumulating in the financial system and to assess the possible losses from these exposures.
Let me say a few words about the location of tonight’s dinner, the Zappeion Hall. It was built in the second half of the 19th century as a center to host cultural exhibitions modeled after the Crystal Palace exhibition hall that was part of first World’s Fair, held in London in 1851.