Learning Lessons from History
It’s the 10th anniversary of the 2008 financial crisis and many commentators are looking back. “From the great moderation to the great recession and beyond – how did we get here and what lessons have we learned?” asks Donald Kohn, member of the UK’s Financial Policy Committee, in a speech given at the 200th anniversary of the Danmarks Nationalbank this week. With banks in the US profitable and pleas for regulatory relief falling on sympathetic ears, Mr. Kohn reflects on the significance of vulnerabilities that build-up during good economic times, and asks how to review the lessons of the years preceding the crisis, so as to avoid the trap of repeating history.
Read it in full here.