Lessons from the Crisis : The Whys and Hows

The economic crisis was initially supposed to affect only developed countries, but the financial troubles spread over the real economy and the crisis became a global phenomenon. After almost two years of difficulties, several lessons could be drawn from this episode: why the crisis was underestimated when it started to affect the financial system? Why some countries were hit later than others? Why the impact was different, in terms of recession, across world economies? Was the governments' reaction to the crisis the appropriate one? How the individuals reacted to the phenomenon? Is the crisis over and what is the perspective for the coming years?