Sundström, G. A. & Hollnagel, E. (Eds.) (2011). Governance and Control in Financial Systems: A Resilience Engineering Perspective. Farnham, UK: Ashgate.

The Turmoil in the Financial Services System

At the time of finishing this book, i.e., December 2010, the impact of the 2007-2008 turmoil in the global Financial Services System (FSS) is still felt by the global economy and the Financial Services industry. In response to the crises, the industry continues to transform itself in front of our very eyes, trying to cope with something that has not yet been completely understood. National governments have intervened in various ways, referred to as rescue, bail-out or economic stimulus policies and programs, often reflecting political positioning as much as sound reasoning. Regulatory bodies such as the US Federal Reserve Bank, the European Central Bank, the Bank of Japan, the People’s Bank of China, and the Bank of England have taken unprecedented measures to stabilise the global Financial Services System, to the best of their understanding. New regulatory bodies have emerged, such as the European Systemic Risk Board and the US based ...

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