Failure to see big picture fuelled boom: IMF

An inability by officials to see the "big picture threat" of a growing asset-price boom was a key cause of the current crisis, the International Monetary Fund (IMF) said on Friday.

In a document entitled 'Initial Lessons of the Crisis', the Fund said: "The most serious issue [for financial regulation] is that there are no ex-ante rules governing cross-border resolution or burden sharing. Without such rules, supervisors' obligations to their own taxpayers lead them to minimise liabilities to no