Arquitectos de la economía mundial. 2010.
- Bubbles, by definition, deflate. The subprime bubble was different in that its leverage was considerable higher and spread among the families.
- Forecasting: Difficult to get it right, more difficult to get it right for the right reasons.
- Subcapitalization of the banking system to face the risks. Bad risk management. The post war system of risk assessment was inadequate.
- Regulation system. Global capital markets. Adequate capital and liquidity requirements to face the problems. Regulate de global market, not just the national markets.
- Recovery of the financial system through the equity market. Regulation does not have to suffocate the innovative activity.
- 25% of homes are mortgaged at a price bigger that its price. Risk of a downturn in the house market. A big proportion of vacant single units for sale.
- Europe. Slow growth. Maastricht: 3% deficit or 60% debt of GDP. Peer pressure.
