Abstract. The currently finalized financial crisis, which began in the US then spread to Europe, has become global at some point. Even the emerging markets and the less developed countries that have managed their economy well, have resisted unfavorable lending practices, kept high levels of foreign exchange reserves, bought no toxic mortgages, and did not allow banks to engage in excessive risk through financial derivatives so they get involved and suffer as a consequence. Any global solution – short-term measures to stabilize the current situation and long-term measures to make another less likely reappearance – must pay due attention to the effects on these countries. Without doing so, global economic stability cannot be restored, and economic growth as well as global poverty reduction will be threatened.

Keywords: global context, economic crisis, Gresham’s law, deviation, recession.