Lessons from Global Credit Crisis:The IMF published the first detailed study of the crisis in Washington DC on Friday afternoon and recommends a worldwide rethink of how to handle systemic risk management. The Fund accepts its surveillance either missed or underestimated risks, while complacency was encouraged by its optimistic bottom-line assessments and hedged messages. It lists the causes of the crisis as, first, failure of market discipline, then failure of regulation, and then macro economy conditions, where big surpluses in Asia, were matched by big deficits, in particular in the US. Government debt is expected to rise by about 15% of GDP for rich G20 countries in 2008/2009, and this is the largest increase in any 2 years since the end of the second world war, in 1945.