The case I want to make here is that much of our efforts in regional groups should be directed towards correcting this. There have been very important improvements in international financial architecture since the crisis. The IMF has added new lending facilities that should be better able to handle the demands of capital account crises.
In effect, intermediaries could operate with a business model that assumed the availability of funding, and mainly competed for market share in lending out the available funds. This is one of the things that has changed since the GFC.