Competition Policy and Financial Crises

The financial crisis originating in the USA quickly spread to the rest of the world with confidence receding, interbank lending rarefied and a serious credit crunch. Financial institutions throughout the world got into trouble, and over time the crisis in the financial markets has caused wide-spread financial difficulties across the world. Iceland is one of the countries hardest hit by the crisis, but most of the other Nordic countries have experienced and anticipate further economic downturns as well, although presumably at a lesser scale.