GLOBALISATION

Some 85% of international banking and bond issuances takes place in the so-called Euromarket, a stateless offshore zone. 

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In short an attempt to regulate the financial sector and control the flow of money lent to the rest of the world by London based banks led to the creation of the largest unregulated financial market (the euromarket) which contributed significantly to the financial crisis by allowing uncontrolled money creation and spread of the crisis to all financial sectors worldwide