And just as net trade and current accounts for the world  1  The exceptions to this conclusion are those few cases of successful speculation in which governments have tried and failed to support a particular exchange rate.
The crisis highlighted some inefficiencies of international coordination in financial regulation and necessitated numerous ad-hoc interventions by public authorities. Those events made clear that although rules and regulations were partly agreed on internationally, their transition into national rules and legislation was fragmented and, at times, even inconsistent. Not surprisingly, financial institutions had a strong incentive to engage in regulatory arbitrage.