The liquidity crisis that began in 2007 led to a pervasive lack of trust in banks, which was triggered by the banks themselves, explains IESE Prof. Antonio Argandoña. When banks face problems, they tend "not to tell the truth," which sparks suspicion in the marketplace that the situation may indeed be very bad.
What is needed now is a global discussion on financial rules and regulations, an issue that was just addressed at the 2012 Davos World Economic Forum, says Prof. Argandoña. Such conversations should involve many different countries, since they all have different systems. Europe, for example, he said, faces the daunting challenge of integrating 27 countries - each with different regulations.