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Mohamed A. El-Erian

Nine Lessons From the Global Financial Crisis

The system is a lot safer, but some important changes have been put off until the next meltdown.

Trigger warning.

Trigger warning.

Photographer: Mario Tama/Getty Images

Bloomberg Opinion marks the 10th anniversary of Lehman’s bankruptcy with a collection of columns from around the world. Read more.

A lesson learned should lead to meaningful changes by individuals and institutions. That has largely been the case in the decade since the financial crisis almost tipped the global economy into a prolonged depression that would have devastated livelihoods for at least a generation. But there are also consequential lessons that haven’t been sufficiently internalized; and some that were not foreseen at the time of the crisis but are now urgent and important.