The first signs of an impending global financial crisis were clear long before Lehamn Brothers collapsed, European Central Bank (ECB) President Mario Draghi said on Thursday.
Speaking at a post-policy meeting press conference in Frankfurt, Draghi told reporters: “For us, the crisis actually started before Lehman. The first serious signs of an impending crisis actually date back to September 2007.”
“What I remember of that incident was the extraordinary effort of international cooperation at world level. In other words, even before Lehman it was quite clear that the financial crisis was coming. And it would have unprecedented proportions and was worldwide,” he added.