Although the crisis has not undone the progress achieved on convergence over the past two decades and past reforms have helped the stabilisation effort, important lessons should be learned. The good parts of the development model pursued so far should be retained.
Countries in the region should not lose their appetite for structural reform and progress on enhancing labour market flexibility, improving the business environment and preserving free access to trade and financial markets. There is still a fundamental need to increase productivity, promote innovation, as well as raise capital and labour participation.