By comparing current views with those described by Williamson in 1990, and accepted by many, we may learn something about which ideas have held up and which have been modified or refuted by recent events. I will take in turn the three groups of policies that make up the Washington Consensus.
Added to this, there is uncertainty about how markets for innovative and complex financial instruments (in particular, structured credit derivatives) will perform and how lightly regulated and highly leveraged financial institutions will behave in a more challenging macrofinancial environment.