Given these developments, an increasing number of emerging countries have significantly decreased their external debt or have even turned into net creditors vis-à-vis the rest of the world. That said, economic success does not come without risks. Globalisation and capital mobility have made the international system more vulnerable to changes in investor sentiment.
Lessons that will help us tackle future challenges – and go from one concrete achievement to the next. A first lesson from the recent episode is that the so-called separation principle can be maintained for longer than some might have expected.