Jacques de Larosiere: The Real Reason for the Financial Crisis

Popular theory has it that the financial crisis was caused by macroeconomic shocks made worse by financial institutions' rash acts. But Jacques de Larosiere, former managing director of the International Monetary Fund and current chairman of the strategic committee of the French Treasury, says the problem bubbled down from the very top. His assertion: central banking authorities and bad economic policy decisions are to blame.

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