How the global financial governance should be reformed in the Essay

How the global financial governance should be reformed in the aftermath of the global financial crisis in 2008-09 - Essay Example An assessment of whether or not these measures are expected to succeed or not, with an explanation as to their potential issues or concerns, is incorporated in the subsequent discussion. Concluding remarks are thereafter given. Since the occurrence of the crisis in 2007, numerous papers have been written as to the phenomena that accompany the event. There are several schools of thought on the cause of the crisis, ranging from the philosophical to the financial and economic, from the realm of business ethics to the political. In this discussion, there will at one point or another be a tendency to take one perspective or another from among all the topics attributed to it, in an attempt to capture the implications and nuances of this significant event, and draw insights from there. In the end this paper hopes to answer the question as to how and why the crisis began and how it may be prevented from happening again. â€Å"The Global Financial Crisis of 2008-2009†¦revolves around private-sector financial institutions and public-sector regulators. This crisis featured the development of imaginative and complex new financial products, the collapse of major U.S. investment banks when those new financial products suddenly lost value, the spread of financial panic from the United States to other countries, the freezing up of credit, the frantic efforts of national regulatory authorities around the world to stop the bpanic by thawing credit and saving certain large financial institutions, and the desperate collective actions taken by international authorities to prevent the crisis from leading to another Great Depression.† (pp. 45-46) Expansive as such a definition might be, admittedly it still leaves out the whole range of economic problems and traumas resulting from these developments (Head, 2010, p. 46), considerations which are still