Market strains have receded somewhat since May 2010, largely due to the EUR750 billion package assembled by the European Union and the International Monetary Fund, and the results of the European banking sector stress tests, which indicated that the banking sector was in better shape than feared. 3.
Either the recommendations contained in the consensus prevailing after the Asian crisis were wrong or they were not appropriately implemented. I tend to side with the last view. The lesson that I would thus draw from the crisis is that those recommendations which were not implemented over the last decade should now be strengthened.