Svijet (ni)je naučio lekciju iz financijske krize

Ante Gavranović: SVIJET NIJE NAUČIO LEKCIJU IZ FINANCIJSKE KRIZE Media, Culture and Public Relations, 11, 2020, 1 24 ISSN 1333-6371 The great financial and economic crisis is a real school example of an economic disaster of incomprehensible proportions. Although (to this day) there is still not much consensus on the causes of this crisis, most experts recognize the culprits of the crisis, most notably in a financial system that has shied away from control and avoided regulation and supervision. More than ten years after the onset of the financial crisis, central bankers and politicians are patting their backs: the worst is behind us and the recovery is done. Error. It's only a matter of time before the crisis breaks out again. And with full force ... The Macroeconomic Resilience Index (jointly developed by the Swiss Institute of SRE Swiss Re and the British University LSE London School of Economics) shows that the global economy is less resilient to the global financial crisis today than it was in 2007. The analysis shows that 80 percent of countries (covering 31 countries with a 75% share of world GDP) is now more vulnerable in this respect, despite the fact that financial institutions are stronger and stronger than they were at the beginning of the crisis. The argument goes that the available shock absorbers for crisis management are weaker today than they were then. A World Bank blog recently published an article authored by Augusto Lopez-Claros, former Director of Global Indicators and Analysis at the World Bank. It is interesting for a number of reasons: especially since it is committed to fiscal stabilization in the coming years. He warned that in many countries public debt today is at levels last seen at the end of World War II. In his view, some form of fiscal consolidation, supported by other structural and institutional reforms, may be the only viable path in the coming years. He also makes three arguments in support of this claim. These are overall reduced fiscal space, then increased medium-term pressures and, finally, financial market volatility. How did journalists and general business journalism react to the onset of the financial crisis and what have we learned from it? Is the new financial crisis really on the wane?