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Renewed market tensions indicate that these risks have not been eradicated so much as papered over.In a sense, the story of the 2008 financial crisis begins when the global order was created from the ashes of World War II. Initiatives like the Bretton Woods institutions (the World Bank and the International Monetary Fund), the Marshall Plan, and the European Economic Community supported the reconstruction of significant portions of the world economy. Particularly consequential, innovative financial instruments were used with abandon, subject to only loose supervision and weak regulation. As a result, finance eventually became the master of the world economy, rather than its servant.Given all of this, when the crisis struck, it was deep and far-reaching, and today's strengthening economic recovery has not overcome the understandable but devastating loss of trust in the financial system that followed. Finance must be made genuinely useful, balancing progress toward agreed goals – guided by existing global targets – with the need to generate sufficient financial returns to ensure that progress is sustainable.The private sector, for its part, must be open to an updated approach to public-private partnerships.
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