Lucas Papademos: ECB Financial Stability Review December 2007 Opening remarks by Mr Lucas Papademos, Vice President of the European Central Bank, at the press briefing on the occasion of the publication of the December 2007 ECB Financial Stability Review, Frankfurt am Main, 12 December 2007. * I.
These crises encompassed economic misalignments and systemic vulnerabilities, such as evinced in the Mexican or East Asian financial crises and financial disruptions due to contagion across countries and markets, as for example during the Russian debt default of 1998. The success of the Bretton Woods Institutions should be reflected in a declining trend of the overall number of Fund-supported programs over time.