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by Thomas Schmitz-Lippert1 In early 2007, when US house prices started to level-off, after having soared for more than ten years, and US interest rates had begun rising again gradually from 1 % in mid 2003 to more than 5 % in mid 2006, the US subprime crisis set its course, providing already a rough ride for some high street banks in summer 2007, yet picking up further momentum in early 2008 to grow into a financial hurricane, devastating Wall Street in autumn 2008 and, thereafter, bringing almost the entire financial system to its knees. Only the vigorous steps taken by the governments and central banks around the globe have prevented a financial system meltdown. The devastation created at the banks' balance sheets has been tremendous, though: The IMF in its forecast estimates global write-downs of USD 3.4 tn by banks and other financial institutions for the period 2007 20102. But today, the crisis is not only a matter of the financial industry any longer. It has paved its way through to the real economy, affecting industry output, labour markets and social welfare in general. While still in "fire fighting mode", already the initial lessons learned revealed
European Company and Financial Law Review – de Gruyter
Published: Jul 1, 2010
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