3  BIS Review 105/1999  If Europe’s recent history is any guide, possible setbacks along the path of economic and financial development should not discourage the governments and peoples of the region from persevering in the pursuit of sound economic policies and economic reform.
Latin America has made extraordinary progress in the last decade, which it should try to further pursue in order to build a firmer and more equitable base for non-inflationary economic growth. BIS Review 105/1999  4