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Much has been discussed on the root causes for the current financial crisis, including but not limited to lessons on monetary policy, financial sector regulations, accounting rules. This note aims to stimulate debate and discussions on some of the pro-cyclical features in the system, possible remedial measures, and how monetary and fiscal authorities can play their professional roles at times of severe market distress. It also touches upon China's financial sector reform and macroeconomic policy to counter slowdown in economic growth. The major points here were presented at the G20 Meeting of Finance Ministers and Central Bank Governors in San Paulo, Brazil on November 15, 2008.

The European debt turmoil is not a cyclical liquidity crisis. Rather, it is a structural solvency crisis that requires immediate solutions. Dan Steinbock explains why the euro area crisis is only beginning - and explores how this challenge can be overcome.