Since 2007 to mid-2009, global financial markets and systems have been in the grip of the worst financial crisis since the depression era of the late 1920s. Major Banks in the U.S., the U.K. and Europe have collapsed and been bailed out by state aid.

Valdez and, S. and Molyneux, P (2010) An Introduction to Global Financial Markets, 6th Edition, Palgrave Macmillan, p263.

Identify the main macroeconomic and microeconomic causes that resulted in the above mentioned crisis and make an assessment of the success or otherwise of the actions taken by the U.K. Government to resolve the problem.