This document is a follow-up to the second issue in the Banque de France’s Documents and Debates series* that was devoted to the financial crisis and published in French in February 2009. In 2007 and 2008, the global fi nancial system experienced a crisis of unprecedented magnitude. It progressively spread to different markets, different players, and different countries before turning into an economic crisis, i.e. affecting the real economy. Indeed, the interactions between the financial sector and the real economy tend to be mutually reinforcing through, in particular, the bank capital channel.
