(I would note that the term “sudden stop” maybe isn’t the right term to use, being a hold-over from a fixed exchange rate world.) In Australia’s case, the exchange rate depreciates and the main concern is inflation. This is manageable if the appropriate macro framework is in place, such as an inflation targeting framework.
Two years ago, the National Bank of Belgium organised a conference on “How to promote economic growth in the euro area” to celebrate its 150th anniversary. On that occasion, I announced that the Bank would call an international conference every two years to encourage the debate between academics and professional economists working in central banks and in other policy making institutions.