Five years after its onset, the adverse effects of the global financial crisis continue to be felt in the developed economies of the US and the Eurozone. At the same time, the developing economies of Asia have remained relatively unscathed from the entire episode. The US economy’s recovery remains anemic and its unemployment rate, while down from its peak, remains stubbornly high even after the US government and Federal Reserve have instituted extraordinary measures and pumped hundreds of billions of dollars into the economy to stabilize financial markets and boost economic activity. In the Eurozone, member economies have suffered recurrent bouts of recession characterized by sovereign debt defaults and steep credit downgrades, bank insolvencies, and record rates of joblessness. The debilitating effects of the GFC and the overriding objective of preventing another similar crisis from occurring provided the impetus for the major economies to introduce a number of extensive regulatory reforms. These global reform measures – spearheaded by the G20, the FSB, the IMF, and the BIS – seek to bolster the resilience and stability of financial systems by addressing the vulnerabilities exposed by the crisis.
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