Abstract
Thank you for the opportunity to comment on this interesting paper by Mr. Michel Camdessus, the former managing director of the International Monetary Fund (IMF). His paper reviews the financial regulatory response to the emerging market crises of the 1990’s, culminating in the creation of the Financial Stability Board in the late 1990’s, and the role of the Bretton Woods institutions in fostering global financial stability through international coordination and standard setting. He then draws lessons learned from this regulatory response for financial reform today and identifies shortcomings of the existing regulatory framework. In particular, he draws three lessons from the emerging market crises:
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