**Global Financial Crisis**

The Global Financial Crisis (GFC), often referred to as the financial crisis of 2007-2008 or the Great Recession, was a severe worldwide economic crisis that occurred in the late 2000s. It was the most serious financial crisis since the Great Depression of the 1930s. The crisis began with the collapse of the United States housing market and the subsequent default on subprime mortgages, which led to a domino effect of financial distress that spread to the global banking system. This culminated in the collapse of major financial institutions, a tightening of credit around the world, and a dive in international trade.

A combination of complex factors contributed to the crisis, including excessive risk-taking by banks, the proliferation of intricate financial products such as mortgage-backed securities and collateralized debt obligations, regulatory failures, and a dramatic expansion of credit. The crisis led to significant bailouts of financial institutions by national governments and widespread downturns in stock markets, job losses, and severe economic hardship for millions of people.

The unfolding of the GFC prompted a re-evaluation of global financial regulatory standards and a push for greater transparency and risk management practices in the financial sector. The crisis significantly affected the global economy, leading to prolonged periods of economic downturn in numerous countries, and played a major role in the Eurozone sovereign debt crisis.

To learn more about the Global Financial Crisis, please refer to the following sources:

1. Federal Reserve History – Global Financial Crisis: https://www.federalreservehistory.org/essays/global-financial-crisis
2. Investopedia – The 2007-08 Financial Crisis in Review: https://www.investopedia.com/articles/economics/09/financial-crisis-review.asp

These web pages provide a comprehensive overview of the events that led to the Global Financial Crisis, its implications, and the subsequent response from regulators and governments worldwide.