For one thing, we have learned that in this new global risk environment the speed of developments has increased dramatically and correspondingly reduced the time that authorities have for an effective response. This has further increased our reliance on preventative measures ahead of a crisis. Second, we have learned that the international aspects of crisis response have become many times more important than before.
The transmission of shocks across borders now happens through more diverse channels than even a few years ago. Given the many international externalities involved in the measures that might be taken by national authorities, the mechanisms for coordinating crisis response need to be in place well in advance. Plans need to be formulated and potential consequences must be thought through.