However, the current economic performance of both countries clearly shows that enhancing growth and job creation is not necessarily the result of only one particular economic pattern. In fact, empirical evidence would seem to suggest that both the British and the German developments can yield favourable results.
2  BIS Review 47/2009  Interestingly, it is significant that the recent financial crisis, caused primarily due to the huge official capital flows into the rich industrial countries, especially the USA, affected, first and foremost, the USA and other advanced industrial countries with full capital account convertibility rather than EMEs; it affected EMEs as well but only as “an effect” through the transmission channel of capital account, quite unlike the previous ones like Latin American, Russian, East Asian crisis, where these countries were originally affected because of macro economic imbalances manifesting through capital account.