How would it affect the meaning if a 'the' were put before 'development' in the sentence below?
Prior to development of the crisis it was assumed by both regulators and banks that sovereign debt from the eurozone was safe.
Prior to the development of the crisis it was assumed by both regulators and banks that sovereign debt from the eurozone was safe.
The first sentence is from a Wikipedia article on 'European sovereign debt crisis' and the second one is my modified version.
Do you mean that the Wikipedia contributor is wrong?
Here is more context:
Loss of confidence
Prior to development of the crisis it was assumed by both regulators and banks that sovereign debt from the eurozone was safe. Banks had substantial holdings of bonds from weaker economies such as Greece which offered a small premium and seemingly were equally sound.
As the crisis developed it became obvious that Greek, and possibly other countries', bonds offered substantially more risk. Contributing to lack of information about the risk of European sovereign debt was conflict of interest by banks that were earning substantial sums underwriting the bonds. The loss of confidence is marked by rising sovereign CDS prices, indicating market expectations about countries' creditworthiness (see graph).
Furthermore, investors have doubts about the possibilities of policy makers to quickly contain the crisis. Since countries that use the euro as their currency have fewer monetary policy choices (e.g., they cannot print money in their own currencies to pay debt holders), certain solutions require multi-national cooperation. Further, the European Central Bank has an inflation control mandate but not an employment mandate, as opposed to the U.S. Federal Reserve, which has a dual mandate. According to the Economist, the crisis "is as much political as economic" and the result of the fact that the euro area is not supported by the institutional paraphernalia (and mutual bonds of solidarity) of a state.
PS:One often finds a lot of such sentences on the Internet and in print,i.e. uncountable nouns used as if they were general in sense although they seem to be particular in the context in which they are used.
Last edited by balakrishnanijk; 29-Feb-2012 at 03:34. Reason: PS