FIFTEEN months after the panic triggered by the failure of Lehman Brothers, we should begin the debate how to rebuild the world after the crisis. Several disturbing questions remain. Are we still in the crisis? Should we reform at all? What should we rebuild?
After all, the rescue efforts by the leading central banks have brought financial markets back to almost pre-2007 levels. Commercial banks have been rescued through massive guarantees and liquidity, and interest rates have been brought down to near zero.
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