Special
The severe deterioration of asset quality in late 2007 marked the opening act of the financial crisis. A drop in global economic activity during 2008 and early 2009 was next. A wave of sovereign defaults in the industrialised world is step three.
Economisch commentaar
The finance ministers of the G20 have called for an end to expansionary fiscal policies in their latest communiqué. This can prove costly while households and firms are still busy repairing their balance sheets and facing massive headwinds.