Summary This paper reviews the main developments leading to the actual financial and debt crisis. It starts with the expansionary monetary policy experiment in the US in 2002, which led to a bubble in stock markets and real estate markets. When the bubble burst, the latter provoked the subprime...

This paper reviews the main developments leading to the actual financial and debt crisis. It starts with the expansionary monetary policy experiment in the US in 2002, which led to a bubble in stock markets and real estate markets. When the bubble burst, the latter provoked the subprime crisis....