tailieunhanh - The Global Financial Crisis: Analysis and Policy Implications phần 5

Cuộc khủng hoảng đã nhấn mạnh sự phụ thuộc lẫn nhau ngày càng tăng giữa các thị trường tài chính và giữa Mỹ và các nền kinh tế châu Âu. Như vậy, tính chất đồng bộ của suy thoái kinh tế hiện nay có thể có nghĩa rằng không Hoa Kỳ cũng như châu Âu có khả năng xuất hiện từ cuộc khủng hoảng tài chính hay suy thoái kinh tế một mình. | The Global Financial Crisis Analysis and Policy Implications The crisis has underscored the growing interdependence between financial markets and between the . and European economies. As such the synchronized nature of the current economic downturn probably means that neither the United States nor Europe is likely to emerge from the financial crisis or the economic downturn alone. The United States and Europe share a mutual interest in developing a sound financial architecture to improve supervision and regulation of individual institutions and of international markets. This issue includes developing the organization and structures within national economies that can provide oversight of the different segments of the highly complex financial system. This oversight is viewed by many as critical to the future of the financial system because financial markets generally are considered to play an indispensible role in allocating capital and facilitating economic activity. Within Europe national governments and private firms have taken noticeably varied responses to the crisis reflecting the unequal effects by country. While some have preferred to address the crisis on a case-by-case basis others have looked for a systemic approach that could alter the drive within Europe toward greater economic integration. Great Britain proposed a plan to rescue distressed banks by acquiring preferred stock temporarily. Iceland on the other hand had to take over three of its largest banks in an effort to save its financial sector and its economy from collapse. The Icelandic experience has raised important questions about how a nation can protect its depositors from financial crisis elsewhere and about the level of financial sector debt that is manageable without risking system-wide failure. According to reports by the International Monetary Fund IMF and the European Central Bank ECB many of the factors that led to the financial crisis in the United States created a similar crisis in