The lessons unheeded from '08

Although the epicentre of the global financial crisis came in autumn 2008, there are few who would argue all of the major issues have been addressed, let alone resolved. Counterparty risk awareness, the role of the credit rating agencies, regulation and policy response were all seen to be lacking during the crisis. The progress made, or lack thereof, has been highlighted recently by a series of crisis echoes, several of which are connected with ratings actions and others with central banks or the interaction of politics and markets. Rating issues The credit rating agencies at the ti...