The financial crises of the 1980s and the 1990s, characterised by large and sudden private financial flow reversals, marked by a very powerful contagion phenomenon and demonstrating some of the potential and actual vulnerabilities of the newly globalised financial system, led to an ambitious reform agenda to strengthen the international financial architecture.
BIS Review 37/2004  1  Let me focus on the lessons from the crises in the 1990s and the ensuing work on the international financial architecture. On the basis of the experience with the Mexican crisis in 1994/95, the G7 summit in Halifax in June 1995 initiated work on improved crisis prevention and management.