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This global crisis is not just about financial innovations, regulation and supervision thepry it also has roots in the global imbalances in international trade and capital flows that built up steadily over the past two decades and accelerated during the present decade. The International Trade and Finance Perspective The second perspective is the international trade and finance perspective. He provides a welcome log of the core events of the crisis between early and December and points to conceptual and analytical issues that each event raises. We might thus call it the financial industry perspective.

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The Monetary Perspective The third perspective is the monetary perspective on the principles and rules that guide the actions of central banks. These are not competing views but complementary ones. Out of a massive volume of observations, analyses and intense recommendations for action, two effective overviews of the dynamics of the global financial system were published in early