Source: Composite image by G_marius
The global financial crisis can be seen as a temporary crisis or as the beginning of a fundamental change of model.
The crisis has created impacts at many different levels. Not only the causes but also the consequences of the financial crisis are now being assessed by governments and analysts. The sustainability of the current pension systems has been endangered. As a result of the crisis we may be forced to raise retirement age. Unemployment and evictions have been other dramatic consequence. Some countries are already implementing drastic labor reforms. Short-termism and inappropriate regulation incentized excessive risk taking by bankers contributing to the real state bubble and to the weakness of the financial sector. Many lending institutions disappeared or had to be rescued by governments. Free flow of capitals and interconnectedness also contributed to the contagion effect. Loopholes in fiscal regulation and tax havens have been accused of exacerbating the effects of the crisis. The question is whether the Global Financial Crisis may have really triggered a change of the economic, political and social model or if things will remain mostly the same.
Are our political and economic elites doing enough to make sure another similar financial crisis would be prevented? Are the reforms going to be deep enough or we will continue working business as usual?
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