Have we forgotten the lessons of a crisis?

Financial woes: A woman is seen crossing a road as logos of the Swiss banks Credit Suisse and UBS are displayed on buildings in Zurich, Switzerland. The 167-year-old Credit Suisse is the biggest name ensnared in the turmoil unleashed by the collapse of US lenders SVB and Signature Bank. — AP

ALTHOUGH it’s been over 14 years since the 2008-2009 global financial crisis triggered by the fall of Lehman Brothers on Sept 15, 2008, there are still plenty of lessons to be learned from this devastating financial crisis-induced Great Recession.

Barely a few days after the Federal Reserve (Fed) chairman Jerome Powell signalled that the ultimate level of interest rate is likely to be higher than previously if evidence continues to point to a robust economy and persistently high inflation, the collapses of Silicon Valley Bank (SVB), Signature Bank and Silvergate Bank in the United States.