The report discusses nine lessons; I will pick three: •  First, the inadequate assessment of counterparty risk, a task fundamental to lending and investment decisions, was in many ways at the core of the problem. Key market participants were allowed to grow through greater leverage and alter market terms in crucial ways, largely unchecked by traditional disciplines.
While in the developed economies cyclical fluctuations tend to be mild, in our region they have been generally characterized by their intensity and frequency. More importantly, in my view: not all countries in the region are in the same situation. There are countries with economies approaching their long-term cruising speed. Others are heading that way. In others, however, the convergence process is still incipient.