 On 15 February 2010, Adair Turner, the head of Britain's Financial Services Authority, said financialization was correlated with the 2007–2010 financial crisis.In a speech before the Reserve Bank of India, Turner said that the Asian financial crisis of 1997–98 was similar to the 2008–9 crisis in that "both were rooted in, or at least followed after, sustained increases in the relative importance of financial activity relative to real non-financial economic activity, an increasing 'financialisation' of the economy.