It took a long time. But they didn't. Last year Thailand abandoned the agreed high interest rate policy, and began to dilute other measures. I expect these policies to work as well as similar methods have worked in Japan. Such policies do not promise a quick end to the crisis.
Domestic demand is sickly.
Across much of the European economy, business confidence and investment are terribly weak. Statements made at the time by officials made it clear that this action was taken because of weakening economic conditions in an effort to stimulate growth. Interestingly it was also made clear that lower rates, by themselves, will not boost growth. In view of the fact that the other necessary conditions are not present, the outlook for the economy is not rosy. The Russian economic crisis is having a more serious effect on conditions in the former Communist bloc than was expected when the upheaval began last summer.