Is the world economy having a 2008 moment?

Two dismal months for financial markets may give way in March to a relief rally for assets such as global equities

The question I am asked most often nowadays is this: are we back to 2008 and another global financial crisis and recession?

My answer is a straightforward no, but that the recent episode of global financial market turmoil is likely to be more serious than any period of volatility and risk-off behaviour since 2009. This is because there are now at least seven sources of global tail risk, as opposed to the single factors - the eurozone crisis, the Federal Reserve "taper tantrum," a possible Greek exit from the eurozone, and a hard economic landing in China - that have fuelled volatility in recent years.