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The Monitor's View In a financial crisis, credibility counts

The three largest economies have faced financial crises since 2008. The US and Europe are recovering while China’s leaders must regain credibility after a stock-market snafu.

REUTERS

In the past seven years, the world’s three largest economies – China, the United States, and Europe – have seen massive government intervention in financial crises. The US Federal Reserve bailed out Wall Street in 2008. The European Central Bank saved the eurozone in 2012. And in July, Chinese authorities spent more than $500 billion to prop up stock markets in Shanghai and Shenzhen that had lost a third of their value. These were heroic reactions and rare in history.

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