One important factor was the sheer inexperience of many of our bankers: they had been accustomed to a highly protected environment, and were ill-prepared to deal with the demands of a deregulated environment. Nevertheless, I think there were four important lessons that are worth sharing with you.
While every country has to make judgements and decisions in the light of its own particular circumstances – and certainly no two countries are exactly alike – some of the lessons we learnt in promoting financial system stability may have relevance to other countries as well.