Abstract
The present international financial market is characterized by remarkably high financial volatility, which reflects a substantial loss of confidence, drying up inter-bank credit and spiking short-term interest rates. Inflationary pressures combined with financial risks, both originating in the energy sector, further complicate the transmission mechanism of impulses in the global economy. This financial disruption must be tackled at its root. Securitization and deregulation created unbalanced and unfunded risks and harmed the shaky fundamentals of the financial system. But a lack of international economic coordination produced disorder, which weakens the responsibility of market players.
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