Grievous, but perhaps not grievous enough. Sufficient to prompt swift action to prevent the global economy sliding into depression, but perhaps so successful that the option of a return to business as usual has been kept alive.
Almost three years into the financial crisis, all regions are growing, albeit at varying speeds. There is pressure on heavily indebted governments to abandon unorthodox economic policies and return to rigid fiscal austerity. Banks, hedge funds and private equity firms are lobbying hard to water down attempts to rein in their activities.
Adrian Blundell-Wignall, an official at the Organisation for Economic Co-operation and Development, spoke for many last week when he said: "How big is big enough?"
Speaking in a personal capacity at the OECD's annual ministerial forum, Blundell-Wignall warned there was likely to be a second, even bigger, meltdown unless there was radical reform of the financial sector, including splitting up banks with both retail and speculative arms.
http://www.guardian.co.uk/business/2010/may/31/world-crisis-economic-experimentation