Authors:
José Alberto López Rafaschieri and Luis Alberto López Rafaschieri
www.morochos.net
One of the actions that in 2008 and 2009 helped to reduce the impact, and the duration, of the financial crisis that began in United States, was the unprecedented international cooperation adopted by the world's most developed countries.
This time it could be said that was possible to orchestrate a global anti-crisis policy, where the main heads of states and the world's central banks agreed to take joint actions against an economic problem that affects everyone.
Considering the recessive nature of the crisis and the low inflation in the countries involved, the most powerful governments were able to implement an aggressive economic stimulus plan: governments cooperated to dramatically increase public spending, while central banks implemented a process of cuts in benchmark interest rates.
Mechanisms that are useful by themselves, but much stronger if used in an organized manner and at the same time by several governments, as demonstrated on this occasion, which means a great learning experience for the crises to come.
In a globalized world where economic problems are spread more easily, this will surely be the kind of internationalized crises that we will face more regularly. So the reference of the 2008-2009 financial crisis will be very important for the future.
Related articles:
- The 2008 U.S. financial crisis: Origin & ideological implications
- The 2008-2009 crisis: Criticism of financial hypertrophy theory
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