Nobody disputed the idea that the recent crises in emerging markets should be blamed primarily on the countries concerned. But many people thought that the recent series of dramatic upsets also seemed to highlight failings within the international financial system. The regulators present insisted that these failings were now being addressed. But many of the other participants remained sceptical. The recent crises were different from previous ones.
Capital flows are both bigger and quicker than before.
The current crises tend to involve the Capital Account rather than the Current Account. Such crises do not happen in more developed markets. In practice, that means six steps. The fifth is the establishment of contingency credit lines. Every crisis has involved a failed attempt to defend a pegged exchange rate.