LONDON The crisis in the eurozone remains far from resolution.

Until the world financial crisis revived skepticism about the benefits of unrestrained capitalism, this would have been difficult.

Before the crisis, the area was under the control of smugglers.

The crisis has reached the country.

It had a fiscal surplus before the crisis after the crisis, its deficit increased to more than 11 of GDP.

Merkel still hasn t figured out how to explain the consequences of the financial and euro crises to the German people.

The case against Bernanke rested partly on his performance before the crisis.

Before the crisis, most even had well functioning economies.

Leading drivers of employment growth have been government, health care, and, until the crisis, construction.

The so called Washington Consensus that held sway before the recent financial crisis was a good example.

The rate has come down to low levels only during the period of recovery from the immediate crisis.

In that case, we would have to make do with organizing a truce until the next crisis.

Until the Asian financial crisis, it was a web without a spider at its center.

But it was responsible for allowing flawed expectations of a sharp recovery to pre crisis levels of output and consumption to persist.

Prior to the crisis, American consumers, on average, either saved nothing or accumulated debt.

Even before the crisis, this resulted in divergences in competitiveness and in the business cycle.

Before the crisis, a substantial amount of that money was invested in US, Spanish, or Irish real estate.

The US Treasury welcomed government intervention in exchange rate markets, and encouraged the IMF to support such interventions with mega billion dollar loans to crisis countries.

As this figure continues to rise, investors will demand a higher risk premium, causing debt service costs to rise.

Until Argentina's peso imploded, fixed exchange rates were fine.

Turnover in US financial markets rose four fold in the decade before the crisis.

At this low price, companies have little incentive to cut back on their CO2 emissions and little faith that a market based incentive will return.

Reckless budget deficits can lead to a weak currency so can low interest rates.

Until the recent crisis in Greece, the US benefited from a weak dollar euro exchange rate.

It is ordinary civilians who are enduring the greatest suffering as the crisis continues to drag on.

Anatomy of a Crisis

Imagining Recession

The Post Crisis Crises

Origins of the crisis

To avoid ruble depreciation and inflationary pressure, the CBR raised its benchmark interest rate to 8 (from 5.5 before the Crimea crisis).

But the evolution of the Greek crisis is different from the Asian crisis.

Most Americans income and wealth are below their levels long before the crisis.

Spain and Ireland had fiscal surpluses and low debt GDP ratios before the crisis.

And it has protected China from the financial crisis, which shook the developed world to its core.

Indeed, only those countries that were running large current account deficits before the crisis were affected by it.

Before the crisis, the IMF s best known function lending to countries with balance of payment problems was becoming irrelevant.

Chirac's stature and experience should have allowed him to rally all of Europe before, during or after the crisis. But he never sought such a role.

In other words, the Americans save even less today than they did before the crisis erupted, and the Chinese invest even more.

Even before the crisis, the G 8 countries were not taking serious steps to meet their pledges to Africa.

Japan s economy had been stagnating for almost two decades when the 2008 crisis erupted.

In most European Union countries, per capita GDP is less than it was before the crisis.

Chirac's stature and experience should have allowed him to rally all of Europe before, during or after the crisis.

The discussions before the crisis illustrated how little had been done to repair economic fundamentals.

And yet, although these central banks failed us before the crisis, they should still play the lead role in preventing the next crisis.

Anatomy of a Financial Meltdown