I have presented what I believe to be three lessons from the global financial crisis. How could they be seen from both an Asian and global perspective? First, putting one’s house in order does remain a key objective for all countries. Sound macro-economic policies will continue to be of utmost importance.
The introduction of a common currency for twelve Member States has altered this situation dramatically. The euro has eliminated exchange risk as a source of fragmentation in the EU financial system. It has also increased price transparency, stimulating competition.