Scenarios need to be developed into stress testing methodologies for assessing risks and vulnerabilities on an ongoing basis. This is the type of analysis and policy assessment that is the bread and butter for central banks and supervisors for so many other sources of risks.
Emerging market central banks, despite the pre-crisis best practices, generally preferred to continue with multiple objectives, which included financial stability, and also tried to manage the impossible trinity, with country specific approach to exchange rate regimes and capital account.