This resilience so far is very different from the crises of the past two decades. However, the adverse impact of the developed world recession on Asian exports and investment is now showing quite strongly. It is not clear how severe the impact may ultimately be. BIS Review 11/2009  11  What is needed for stability to return to the world financial system?
Two fundamental conditions are needed for conditions in the global financial system to return to normal. First, housing markets in the US and UK need to stabilise. As suggested earlier, there is a natural limit to how far housing market activity can fall.