the friend online
10 October 2008


International financial crisis - preview

Robin Robison looks at the problems and their causes

We are living through a historic change to the international economy
  • Such moments come perhaps only once in a generation, but there is no question that things will not be able to return to normal once the financial system has stabilised
  • Although the presenting problem is the financial crisis affecting primarily banks and other parts of the financial sector, the fact is that global economic imbalances have been moving towards crisis for the last few years and these imbalances will not have gone away with renewed stability in the western banks
  • A particular factor is the shift in global economic power from west to east
  • There will be many important ramifications from the crisis, but perhaps the most serious will be the implications this will have for the achievement of the Millennium Development Goals and the associated reduction in the number of people living without the basic necessities that we all take for granted
  • There are perhaps three very important implications of the current crisis that we should all be giving attention to:

    Robin Robison

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