Central banks and the financial turmoil / José Manuel González-Páramo -- The implications of the credit crisis for public policy / Charles H. Dallara -- Where are our leaders? / Kenneth W. Dam -- Trust and financial markets / Paolo Sapienza -- A view of the U.S. subprime crisis / Robert DiClemente and Kermit Schoenholtz -- What has happened in Europe? : monetary policy, lending cycles, banking competition, risk-taking, and regulation / Jesús Saurina -- The subprime crisis effects in the rest of the world / Laura E. Kodres -- Bank failures : the limitations of risk modeling / Patrick Honohan -- Comments : how serious is the damage? / Christopher Kent -- Cliff risk and the credit crisis / Joseph R. Mason -- The credit crunch of 2007 : what went wrong? why? what lessons can be learned? / John C. Hull -- Overdependence on credit ratings was a primary cause of the crisis / Frank Partnoy -- Liquidity management under market turmoil : experience of the European Central Bank in the first year of the 2007-2008 financial market crisis / Nuno Cassola, Cornelia Holthausen and Flemming Würtz -- Crisis management and financial stability : some lessons from the United Kingdom / Nigel Jenkinson -- Risk management failures during the financial crisis / Michael Crouhy -- A supervisor's view of the current financial turmoil / Cathy Lemieux and Steven VanBever -- The subprime crisis : lessons about market discipline / Mark J. Flannery -- Comments : implications for bank capital standards/regulation / Robert E. Litan -- Implications of the crisis for regulation / Mark Carey -- The seven deadly frictions of subprime mortgage credit securitization / Adam B. Ashcraft and Til Schuermann -- Where to from here? : lessons for research, policy and the industry / Philipp Hartmann -- Tarp version 1 : a turning point in crisis management / Richard J. Herring -- Financial crises : seeing patterns, limiting risks / Henry Kaufman -- Addressing the credit market turmoil of 2007-08 / Sam Peltzman -- Where to from here? / Lawrence R. Uhlick.