This first growth episode was followed by similar sequels in continental Europe, Germany, France, The Netherlands, and the United States of America. The so called G7 countries, which after a time included Italy, particularly northern, and Japan, seemed to have a monopoly on sustained growth. The Post World War II period ushered in a significant change in the thinking on growth and development.
Let me address some lessons from the recent turmoil: •  First, I would stress that complacency in risk management is often fertile soil for financial distress. Complacency spread through global markets has contributed to over-optimistic assumptions for market liquidity conditions and led to a great reliance in rating agencies.