First, a global confidence crisis emerged: banks, weary, were reluctant to lend money to each other, and households, fearing unemployment, increased their precautionary savings. Companies, anticipating a restricted access to credit, reduced their investments. Secondly, access to credit became more expensive and difficult: due to the increasing risk of default payment, lenders charged borrowers more or refused to lend them money. Restrictive borrowing conditions and the confidence crisis had a particularly negative impact on households and companies’ …show more content…
Macroeconomic imbalances, partly responsible for the financial crisis, were not resolved. Countries’ current account remains unbalanced: United States versus Asia for example. The efficiency of central banks interventions to inject substantial liquidity in the economy is also being called into question and their impacts on inflation and financial stability remain sparsely identifiable. Furthermore, accounting standards have not been modified although they are considered procyclical and their accelerator effect is known to have accentuated the financial