The fact that one of the factors underlying the crisis – foreign capital – linked the advanced and emerging economies provided the basis for countries from both groups coming together to look for ways to minimize the vulnerability of emerging economies on the one hand and global financial institutions domiciled in advanced economies on the other.
Of course, the East Asian crisis wound down, with the affected countries showing strong resilience in the years following. The need for collective solutions, such as those which might have been provided by the G20 was felt less and less as emerging economies, both those most impacted by the crisis and those which escaped it, found their own, individual buffers against the next crisis.