Born of the economic consequences of the first world war, this crisis illustrates the economic and social imbalances that can cause a loss of confidence in a currency whose value is collapsing. It demonstrates the importance of price stability as a condition for sustainable growth.
This profound crisis has had a major economic, social and political impact on all developed economies. Marked by the "crash" of 1929, it shows the importance of regulating the financial sphere. The international coordination implemented postwar is such a result.
The quadrupling of oil prices has highlighted the scarcity of natural resources and the limits of market mechanisms deregulated by a political shock. In response, the developed countries have adjusted their energy needs, revived their request or adopted structural reforms.
This crisis has reiterated that the budget constraint also weighs on the States via the international debt of developing countries as a source of vulnerability. His solution has emphasised the importance of the international coordination, particularly through the work of the IMF.
The «subprime» crisis, following the failure of real estate borrowers, has turned into a global financial and economic crisis. It initiated major reforms of financial regulation, within developed countries as well as on European and international levels.