It's 10 years since the European Central Bank pumped 95 billion euros into the banking system to prevent it from seizing up, marking the start of the global credit crisis. As David Pollard reports, at the time it was the biggest ever injection of funds into financial markets but it wasn't followed up quickly enough with other measures.
It started local but soon became global. US homebuyers defaulting on their mortgages putting a French bank at risk. The ECB then stepping in with a 95 billion euro cash injection to keep the system from seizing up. August 2007 - the first ripples of crisis begin spreading worldwide. (SOUNDBITE) (English) Neil Wilson, Senior Market Analyst, ETX Capital, SAYING: "It was the biggest financial crash since 1929 Wall Street crash. Financial markets have recovered very well. But the real economy has really stagnated." But this time a decade ago, it was to be another five years before this famous pledge .... (SOUNDBITE) (English) EUROPEAN CENTRAL BANK CHIEF MARIO DRAGHI, SAYING: "The ECB is ready to do whatever it takes to preserve the euro." Despite its first bold step, the intervening years - say critics looking back - were a muddle of policy by the ECB. Including a premature interest rate rise just months before another milestone: the collapse of Lehmans. For more aggressive and unconventional action, those critics look at the Fed's massive stimulus plan. And even the Bank of England - which still today notes the impact the crisis has had on ordinary working people. (SOUNDBITE) (English) BANK OF ENGLAND GOVERNOR, MARK CARNEY, SAYING: "Real income growth has not been this weak in this country since the middle of the 19th century." Ten years on, banks have tighter regulation - and bigger capital buffers. The ECB has, ultimately, pumped over two trillion euros into the system. And yields on 10-year government debt have more than halved as central banks globally stockpile bonds. The worst over - perhaps ... (SOUNDBITE) (English) Neil Wilson, Senior Market Analyst, ETX Capital, SAYING: "We've got arguably a bubble in the bond market. I would disagree with Janet Yellen in believing that that we won't see another crash. I think that there will be another one at some point and it's inevitable." Stocks market bulls, meanwhile, see the tenth anniversary of global finance's near-death experience marked by one share price record after another. Though the bears remind them that after new highs, could come a new low.