Comment on Stephen Grenville “An Asian perspective on financial crises”, 24/04/2010, http://www.eastasiaforum.org/2010/04/24/an-asian-perspective-on-financial-crises/
While "the list of GFC causes is long," the real underlying causes are simply governance in nature.
It is firstly the governance of authorities. They, especially those in the US, have let the public down, as represented by the malpractice by financial institutions on the sub-prime mortgage issues. They also let people down by bailing out some of the financial institutions without imposing adequate and severe penalties.
It was under that environment, financial institutions began malpractice, including some too clever financial engineering.
What should be done? I agree that "simplicity should replace complexity ".
The Australian financial institutions have stood the GFC without too many troubles. In that respect, Australia has provided a model.
Any over reactions are unlikely to be helpful and counterproductive to the detriments of the economy and consumers.
Don't believe the IMF, the basal, or whatever international organisations. They are interest groups and simply trying to cover themselves by appearing to do something in the wake of the GFC.
There will not be a need of any new "concensus" but just commonsense.