A key point here is that by and large, markets have differentiated among EMEs – those with better fundamentals and fewer vulnerabilities have fared better.
The main lessons for EMEs: –  Today it is a must to have a strong external position, characterized by a low current account deficit, substantial international reserves, long duration in the public debt, and if possible contingent international financing, as in the cases of Mexico, Colombia and Poland with the IMF flexible credit line (FCL).