The Asian financial crisis of 1997-98 shook the foundations of the global economy. What began as a localised currency … fundamental ways did the Asian crisis serve as a catalyst to the current thinking about the 'new international financial … crisis soon engulfed the entire Asian region. What went wrong and how did the Asian economies, long considered 'miracles …

financial crisis exposed the need for global agencies which could rapidly allocate resources to prevent countries collapsing … agree upon institutional reform. Five years after the global financial crisis, the promise of better capacity to manage a …'s resources, nor even to borrow from the Bank. The new global institution, the Financial Stability Board, is still woefully short …

The paper contains comments made on the Financial Stability Board's (FSB) Consultation Report concerning the success of … regulatory reforms since the global financial crisis of 2007-2009. According to these comments, the FSB’s assessment of the role …