Each country had to deal with its own set of problems. The United States are really at the root of the problem. This is especially because standards
for credit assessment and underwriting of mortgages clearly became lax on the back of a very long and sustained expansion. This was exacerbated by the fact that interest rates were low. There was a search for yields. Investors were looking for products, and issuers were only too willing to provide them.
I give you this as an example. In different countries I think there have been different areas where the focus for improvement needs to be....
Canada stands apart because it does not have a common securities regulator.