The current stock market crisis followed the period of fastest growth in world markets in history. How can this be explained? And what does it indicate for the future? While the bullish market that preceded the crisis was hyper-inflationist, we are now experiencing a period of deflation, a drop following on the heels of a vertiginous rise. In this respect, Petits interpretation is that of the regulationists: the crisis is one of confidence. He also describes how the crisis has revealed structural weaknesses in various countries. Jean-Pierre Petit is head of economic research for the investment company Exane.