NEW YORK - THE financial crisis that has plunged the United States and much of the developed world into recession is different than previous bouts of turmoil, former Federal Reserve Chairman Paul Volcker said on Monday.

'We don't know how deep it's going to be,' said Mr Volcker, whom President-elect Barack Obama has appointed to chair the President's Economic Recovery Advisory Board.

'Crises are old but this crisis is different. It's different in its enormous complexity; it's certainly different in the massive intervention of government. It's more global in scope than any previous crises.'

He said much needed to be done to restore confidence, integrity and fiduciary responsibility and the process of reordering the financial world would not be a quick one.

'But I like to think the crisis is an opportunity,' Mr Volcker added. 'It's an opportunity to do some things that in ordinary circumstances, in quieter circumstances, would not begin to be possible.'

Mr Volcker was speaking at the Museum of American Finance, where he was receiving an award for distinguished public service and financial leadership. -- REUTERS