Report Published: "US Financial System Recovery: In the Midst of a Major Transformation"
The abrupt fall in house prices triggered one of the worst recessions in the economic history of the U.S. In response to the collapse of major banks in 2008, the Fed launched the Quantitative Easing program (QE), with the aim of re-establishing credit conditions by accelerating the inter-bank lending. It ultimately boosted the overall level of economic activity in the country.
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