Eighth, some emerging market economies with weaker economic fundamentals may not be able to avoid a severe financial crisis, despite massive IMF support.

That's the financial crisis.

Take the financial crisis.

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Expressing its concern at the severe shortage of drinkable water and the severe food crisis, as reflected in the report of the Secretary General,

It is for these reasons that we have seemed frozen for the past generation or two whenever we have contemplated reforming our system of financial regulation. And it is why, even in the face of a severe financial crisis, we remain frozen today.

Meanwhile, many of America s European allies are mired in economic malaise. And, though the US economy is recovering from the global financial crisis, America s treasury and reputation has been dealt a severe blow.

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Fundamental economic reforms are usually implemented only after a severe crisis, as was the case in Britain in the late 1970s, in Sweden and Finland in the early 1990s, and in Eastern Europe after the collapse of communism in 1989. The EU has wasted the opportunities afforded by the 2008 global financial crisis and the subsequent euro crisis.

Expressing its concern at the severe shortage of drinkable water and the severe food crisis, as reflected in the report of the Secretary General,A 60 302.

At the same time, the programme continues to face severe financial difficulties.

The difference with the largest debtor in the euro area, Italy, was 68.2 percentage points. Despite the most severe financial and economic crisis in almost a century, the Finnish national debt actually decreased by 2009, to 39.7 .

However, the conflict in the Darfur region of the Sudan has resulted in a severe humanitarian crisis.

The exceptional financial crisis called for an exceptional response.

The leaders carefully examined the financial situation of the Secretariat in the light of the presentation by the Secretary General on the extremely severe financial crisis which it is currently experiencing and which is adversely affecting its activities and programmes and the Joint Arab Action system as a whole.

Just as the eurozone has fostered financial development and economic growth among its members, the current crisis now risks inflicting severe collateral damage far beyond its borders. Any sustainable solution to the crisis must ensure the integrity of the bank groups and respect the interests of these banks home and host countries.

Sweden s assumption of the EU Presidency this month should help these efforts. However, it comes at a time when the Union s eastern neighborhood faces severe challenges, with the financial and economic crisis hitting many of the partner countries hard.

The principal culprits in the crisis were, rather, lax supervision and regulation of US financial institutions and markets, which allowed unsound practices and financial excesses to build up. China did not cause the financial crisis

Take the last financial crisis after the Second World War.

Europe today has a common currency and the European Central Bank (ECB), which have proven to be bulwarks in defending monetary stability during the financial crisis. Any weakening of these two institutions would cause severe damage to common European interests.

Deleveraging by highly leveraged firms such as hedge funds will lead them to sell illiquid assets in illiquid markets. And some emerging market economies despite massive IMF support will experience a severe financial crisis with contagious effects on other economies.

Since the financial crisis in 1997, Asia has learned the need to strengthen the international financial architecture.

And making sense of the financial crisis is very, very difficult.

As was well known, UNHCR had been undergoing a financial crisis.

CHARLESTON, SOUTH CAROLINA Early in the financial crisis, a major emerging market investor told me This is not a global, but a semi global financial crisis. He was right it really was a crisis of the United States, Europe, and Japan.

In 1907, a major financial crisis emanating from the United States affected the rest of the world and demonstrated the fragility of the entire international financial system. The response to the current financial crisis is replaying a similar dynamic.

South Africa has the continent s largest economy and, until the global financial crisis, posted 10 years of steady economic growth. In an economic slowdown, the country s severe crime problem might only worsen so might unemployment, which already tops 20 in the formal economy.

In the run up to the 2008 financial crisis, macroeconomists tended to assume away the financial sector in their models of advanced economies. With no significant financial crisis since the Great Depression, it was convenient to take for granted that the financial plumbing worked in the background.

NEW YORK A vicious circle is currently underway in the United States, and its reach could broaden to the global economy. America s financial crisis has triggered a severe credit crunch that is making the US recession worse, while the deepening recession is leading to larger losses in financial markets thus undermining the wider economy.

We can certainly see this in response to the current financial crisis.

Weak financial systems have often been a catalyst for broader economic crisis.

But every major international crisis since then has chipped away at its authority. The 1997 1998 Asian financial crisis undermined its legitimacy in Asia, as many governments in the region believed that the crisis was being exploited by the United States and US financial institutions.

Although the crisis had a severe impact on all segments of the population, its worst effects were noticeable among women and children.

While today s proposed pay restrictions are unlikely to stop the next financial crisis, they are likely to damage the financial sector.

The main lesson of the Asian financial crisis or, for that matter, of any financial crisis is that deflation is the ultimate threat to recovery. Because the 1997 crisis was confined to East Asia, China was able to escape deflation after it joined the World Trade Organization.

This is how the Latin American debt crisis of the 1980s, the Mexican Tequila crisis of 1994, the Asian debt crisis of 1997, and the Russian crisis of 1998 unfolded. It was also how the financial crisis of 2008 2009 transmitted itself to emerging markets.

Recently, Obama has introduced optimism at a sort of time of global financial crisis.