1. Causes of the GFC
4 possible reasons

2. 1. The folly of Anglo-Saxon financiers
Bankers who claimed to have found a way to banish risk when in fact they had simply lost track of it. 

3. 2. Central bankers and regulators
Central bankers and other regulators also bear blame, for it was they who tolerated this folly

4. 3. Macro-economic climate
Low inflation & steady growth fostered complacency and risk-taking
(ii) Savings glut in Asia pushed down interest rates

5. 4. European banks were not blameless
Pre-crisis, European banks borrowed greedily on US money markets, using the funds to buy ‘dodgy securities’.