Global financial crisis ‘actually started before Lehman,‘ ECB‘s Draghi says

The first signs of an impending global financial crisis were clear long before Lehamn Brothers collapsed, European Central Bank () President said on Thursday.

Speaking at a post-policy meeting press conference in Frankfurt, Draghi told reporters: “For us, the crisis actually started before Lehman. The first serious signs of an impending crisis actually date back to September 2007.”

“What I remember of that incident was the extraordinary effort of international cooperation at world level. In other words, even before Lehman it was quite clear that the financial crisis was coming. And it would have unprecedented proportions and was worldwide,” he added.

Draghi‘s comments come 10 years after Lehman Brothers filed for bankruptcy — a moment many external observers identify as pivotal in the unfolding of the global financial crisis.

The failure of Lehman Brothers in 2008 roiled global markets. It was the fourth-largest U.S. investment bank when it collapsed in September 2008, prompting an erosion of nearly $10 trillion in market capitalization in global equities in the following month.