Note that the crisis erupted during a period of extraordinary price stability and macroeconomic stability. Indeed, some analysts have made an even stronger assertion, that an extended period of price and macroeconomic stability can blindside policy makers to seeing the festering financial instability underneath. We also learnt that no country is an island.
Although the crisis originated in advanced economies, emerging economies too were affected, indeed by much more than they had thought possible. The contagion brought home a simple message. In a rapidly globalizing world, national and international financial stability are interlinked. They are really two sides of the same coin. Another important lesson we learnt is that financial markets are not self correcting.