In both cases, advances in financial integration, combined with lack of sophistication  BIS Review 64/2008  1  from market participants and policy makers, led to excesses and, eventually, to a costly correction. But what is important to bear in mind is that no country experiencing difficulties in those times, seriously considered reinstating capital controls as a response to the crisis.
Although the pain at the time was real, there simply was no question that the benefits of financial integration far outweighed any costs of transition. The rapid growth experienced by Nordic countries including Finland over the last 15 years would have been simply inconceivable without liberalised financial markets. The cost of learning was high, but we emerged from the crisis stronger and competitive.