The wave of emerging market crises starting with Mexico in 1994 and ending with Argentina in 2001, sweeping through East Asia and Russia in between, was partially caused by a reversal of these flows as interest rates rose in industrial countries.
Conclusion I have covered a lot of ground in this talk so I shall refrain from detaining you for much longer. I would like to finish with the following conclusions. I am convinced that the banking industry faces exciting challenges in the years ahead.