In Korea, Thailand, and more recently, Indonesia and the Philippines, the tightening of monetary policies that occurred in the wake of the crises has achieved considerable success in re-establishing financial stability. A strengthening of exchange rates has indeed allowed interest rates to be lowered significantly.
*  *  Introduction  Ladies and gentlemen Let me warmly welcome you all to the Bundesbank Conference entitled "Turning points in history: How crises have changed the tasks and practice of central banks". It is the Bundesbank’s first historical conference, and I am delighted it has met with such great interest. “History will teach us nothing”.