Was the credit crunch really the main course of this crisis?

The real reason for the recession wasn't the credit crunch because the statistics show an increase of granting of credit, that means that there isn’t a deficit of money or a credit crunch. But, if it wasn’t a credit crunch, what are the reasons for this recession?

It can be a crisis of trust because people thought that the credit crunch was coming, the statistics don’t show this because, it can have an effect on it, but just at a short time and statistics are based on a long time The fact is, that the credit crunch wasn’t there but many people lost their trust in the financial world, so it can have an effect on it, but it can’t be the real reason .

Charlotte De Zaeyer

Analyse - Analyse Mathijs Bouman: Dit is geen kredietcrisis - Z24.nl

Why not trade under the counter?

According to the BBI, the Belgian authority for finances, regularizing black money is punished by a pecuniary fine that is much to low according to the crime. The penalty only amounts to several percents of the figure that is traded under the counter. It’s thus much lower than the taxes that would have to be paid when the transaction was done over the counter. The BBI is now analyzing the law in order to change it and thus avoid the increasing sales under the counter.

Thibo Lidou (group 6)