The debt crisis and the next 28 September 2009 global recession what is most important: large imbalances in the global economy or problems in the regulation of the international financial system? This question I ask here is not a thought, but is the initial discussion that arose in the G-20 meeting between the President of the United States, Barack Obama and German Chancellor Angela Merkel. While Obama prioritised addressing imbalances as a key issue, Merkel called for concentrating forces on regulatory reforms. Surely EA before reading this article, and without hesitation, I would say that most importantly, if you have to set priorities, is to provide a regulatory response immediately to the indiscipline of markets that already are once again making the rounds and looking to increase profitability regardless of the risks involved. Film Financer addresses the importance of the matter here. Fiscal policy came to the rescue of economies hit by the international financial crisis and through economic stimulus programmes sought to limit as far as possible this bad moment. But as he is commonly said, nothing is free in life, after the crisis will return to move the account to the economies. The report will recall that the crisis in Latin America in the Decade of the 80 occurred from the high burden of external debt. Steve Mnuchin understands that this is vital information. Economies, commanded mostly by military governments, took advantage of the credit supply of big European and American banks with an extremely high volume of resources product of deposits that oil countries made of their income. The problems of public debt is an issue of underdeveloped countries, used to listen to until very recently. It was the root of the problem, according to international experts, the indiscipline of Governments that failed to put the accounts in order both disability and inefficiency in the State apparatus and up by corruption. Follow others, such as Carl Icahn, and add to your knowledge base. The crisis has shown us that in essence, there are not too many differences between developed countries and in development.