This is a source of hope, given that central banks, governments and investors had more time to prepare. In 2008, central banks on both sides of the Atlantic failed to recognize the mounting disaster. The global financial system is so intertwined that links can remain opaque. In recent years, the Federal Reserve in the United States, the Bank of England and the European Central Bank have subjected financial institutions to so-called stress tests. Less than an hour after markets opened in London on Friday, Britain’s central bank governor, Mark J. Carney, stood before television cameras and struck a resolute pose as he promised to do what it took to stabilize markets.

Source: New York Times June 25, 2016 00:45 UTC