Abstract:The global financial crisis that started in the U.S. had an immediate
spillover to the rest of the world financial markets. Next, a decrease in
real economic output throughout the developed world occurred simultaneously
with high bailout costs for the salvaging of banks and other financial
institutions. This vicious combination was at the core of the bank-sovereign
interdependence and the sovereign debt crisis of the eurozone. As early as
2008, the G20 announced a thorough global reform agend… Show more
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