The international community managed to resolve these crises successfully, with each crisis bringing about a learning process. Each case was different, the underlying reasons were different, and hence the necessary responses had to be adapted to the specifics at that moment.
Past crises shed light on the vulnerabilities of the global economic and financial system and remind us of the importance of never being complacent. The major global economic trends, which I have just sketched out, make it increasingly difficult for policymakers to provide the public good of global economic and financial stability.