Building the Innovation Union: Lessons from the 2008 Financial Crisis

Alice Nakamura (), Leonard Nakamura and Masao Nakamura

No 12-17, Working Papers from Federal Reserve Bank of Philadelphia

Abstract: The Innovation Union initiative of the European Union focuses on product and process innovation for tangible goods. The authors argue that it is essential to extend the scope of the initiative to include innovation for financial sector products, processes, and regulatory approaches. They make this argument using examples of financial sector innovations in the United States following the Great Depression and on the basis of an examination of the 2008 financial crisis.

Date: 2012
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