This kind of crisis is only supposed to happen once a century and it took place in 2008. The great financial crisis, after the bankruptcy of Lehman Brothers on September 15, 2008, caused a global depression which degenerated into Europe, in sovereign debt crisis.
Only twelve years later, in 2020, the Covid pandemic triggered another crisis, of an even greater magnitude - in terms of loss of activity.
How did we learn from the financial crisis to manage the economic consequences of this health crisis?
Act fast
Bruno Le Maire, Emmanuel Macron, Joe Biden, all repeat:
"We will not make the same mistakes as in 2008."
Some have experienced the financial crisis from the front row.
Joe Biden entered the White House for the first time as Barack Obama's vice-president in January 2009, a terrible month: the American economy destroyed 800,000 jobs.
Angela Merkel experienced both episodes at the same post of Chancellor.
Christine Lagarde, the president
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