About this issue
This BIS Quarterly Review surveys the recent developments in the financial crisis and the unprecedented policy actions launched to address it. Financial stability concerns took centre stage once again over the period between end-August and end-November. In the wake of the mid-September failure of Lehman Brothers, global financial markets seized up and entered a new and deeper state of crisis. As money market funds and other investors were forced to write off their Lehman-related investments, counterparty concerns mounted in the context of large-scale investment fund redemptions.
International banking and financial market developments
Special features
The views expressed here do not necessarily reflect the views of the BIS member central banks.