By Tamim Bayoumi
Summary via publisher (Yale University Press)
There have been numerous books examining the 2008 financial crisis from either a U.S. or European perspective. Tamim Bayoumi, deputy director in the strategy, policy, and review department at the IMF, is the first to explain how the Euro crisis and U.S. housing crash were, in fact, parasitically intertwined. Starting in the 1980s, Bayoumi outlines the cumulative policy errors that undermined the stability of both the European and U.S. financial sectors, highlighting the catalytic role played by European mega banks that exploited lax regulation to expand into the U.S. market and financed unsustainable bubbles on both continents.
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