Europe should learn from US mistakes

william-issac

Some are calling for Europe to adopt a "Euro-TARP" programme and more stringent bank stress tests, arguing those programmes helped resolve the US financial crisis in 2008-2009. This assertion is wrong.

When the subprime mortgage loan crisis hit the US in 2008, a handful of large firms teetered on the brink. The government lurched from failure to failure without a coherent plan or sensitivity toward public psychology. The markets panicked, as did the government.

The Bush Administration slapped

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