Markets can and do accept differences between regulatory regimes, and the view that all capital will flow to the country which prostrates itself lowest before the demands of the market seems nonsensical. After all, each of the crisis countries attracted excessive inflows into regimes which departed substantially from the Golden Straitjacket.
Moving on from normative to positive questions, where do we now stand when it comes to the balance between robustness and resilience in modern policymaking? You may have heard of the Google Ngram Viewer: it allows to search for word frequency data over time in a vast collection of millions of books scanned by Google.