Meltdown could have been worse than it was
The "huge and synchronised" policy response of governments and central banks around the world has been credited with preventing the collapse of the global financial system, in this week's ASB Business Weekly.
Its last Business Weekly for the year reflects on 2009, stating that while it had been a hard year for many, it could have been worse. It describes the global economy as "in freefall" at the end of 2008 and early 2009.
"What made all the difference were the huge and synchronised policy responses from governments and central banks," it says.
"These swift efforts helped to stabilise the global economy fairly quickly, showing that people can learn from history."
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