Conclusion

Abstract

The international financial and economic crisis which erupted in 2007 will be one of the defining moments of the twenty-first century. It has shaken confidence in prevailing economic models and given a sudden dramatic acceleration to profound and ongoing transformations in the global economy. The ambitions of the financial sector have been cut down to size, forcing it to operate under a cloud of suspicion and with a new, heavier regulatory burden. And the secular shift in the balance of economic (and geopolitical) power towards emerging markets has taken a giant leap forward.