For this reason, while we must continue to work on the principle that “no single model fits all”, there is much that we can learn from each other, and this process of fruitful exchange will, I am sure, continue long into the future. I congratulate all of you on the excellent discussions you have had, and the BIS for organising such a productive meeting. And I wish you all a very pleasant time in your well-earned relaxation this afternoon. 2  BIS Review 71/2004
Also, the lessons of Friedman and Schwartz (1963) on monetary policy and the role of central banks as lenders of last resort, of Keynes (1935) on the role of expansionary policies, and of Bernanke (1983) on the role of the financial channel for the transmission of policy actions, have been essential in policy decisions adopted since the onset of the current crisis. Many subsequent studies have shed additional light on the characteristics of good policies and have provided the base for the aggressive monetary and fiscal policies that have been applied around the world, and should also illustrate the way in which the stimulus must be withdrawn. Finally, the use of the gold standard accounted largely for the depth of the Great Depression (Bernanke and James, 1991; Eichengreen, 1992). Moreover, in the midst of the crisis in 1931, the U.S. raised the interest rate to defend the dollar parity, aggravating the crisis and causing deflationary pressures. In Latin America, thanks to lessons learned from mistakes of the past, it has been understood that macroeconomic stability, in both monetary and fiscal terms, foreign exchange flexibility, and a well regulated financial system are crucial to mitigate the effects of external scenarios as adverse as this one. This reflects major progress in economic policy, which has benefited from important practical lessons and advances in research following the debt crisis. Final remarks There will be plenty of time to continue analyzing where was the profession such that it did not warn of the magnitude of the crisis.