Annual Reports and Financial Statements 2011

The second phase of this financial crisis is less uncommon except that the severity of the macroeconomic downturn confronting countries around the world is the worst since the Great Depression of the 1930s. The financial crisis soon spread to real sectors to negatively affect whole economies, production, firms, investors, and households. Many of these countries, particularly those with emerging and developing markets, have been pulled down by the ever widening flight of capital from their economies and by falling exports and commodity prices. In these cases, governments have turned to traditional monetary and fiscal policies to deal with recessionary economic...