Reserve Bank of New Zealand Governor Alan Bollard makes the following observations about the lessons from the global financial crisis in his book Crisis: One Central Bank Governor and the Global Financial Collapse:

- The world's financial system and the world's economy are inextricably linked;

- global imbalances can build up over a long period and eventually rebalancing has to happen;

- price signals can diverge from economic fundamentals for an extended time;

- the United States had a long period of loose monetary policy following the East Asian crisis, and East Asia over-relied on indebted Western consumers as the main drivers of growth;

- major monetary and fiscal stimulus has worked reasonably well to prevent further deterioration, far better than it did in the 1930s;

- competitive stimulation, competitive capital controls and competitive exchange rate policy will ultimately hurt everyone;

- the crisis has damaged the old northern countries much more than emerging markets, changing the global economic balance of power;

- the disruption disguised economic trends;

- we will need to see how the exit from stimulus measures work to judge their success; so far the solutions are resulting in more expensive capital.