A crisis that originated in the market for sub-prime mortgages in the United States has now escalated to global proportions, shaking the global financial sector to its foundations and afflicting the economies of many industrialized countries. Recent growth forecasts for developed countries are notable for their complete lack of optimism. Output in advanced economies for 2009 is forecast to contract for the first time ever in the post-war period, whilst GDP growth for developing countries is set to decline from 7.9% in 2007 to 4.5% in 2009. A financial crisis on this scale has not been witnessed since the Great Depression. A golden era of abundant credit has ended, as we enter a new era with the immediate task of rebuilding the global financial system.