For example the Asian Crisis in the late 1990s first became evident in Thailand before quickly spreading to neighbouring countries and led to fears of wider economic impact due to financial contagion. A risk manager  2  European commission’s public consultation on credit rating agencies – Euro system reply, 23 February 2011.
3  Making the banking sector more efficient and resilient, OECD Economic Surveys: Russian Federation (2009). BIS central bankers’ speeches  3  must consider where the risks may lie in the future, for example by considering the impact of a financial slowdown in important emerging economies like Brazil or China.