In the past year, those nations that have done most to reassure markets of their commitment to open trade, transparency, and sound macroeconomic policies have made the most progress in regaining market confidence. What is more, we have seen that those nations that give their people the greatest say in political decisions have had the greatest success in preserving stability, The region's democracies have shown us they have flexibility built in to their system. Their leaders have been able to point to a popular mandate to carry out tough policies. And their people have had outlets for venting frustration, raising questions and proposing new ideas. Our first responsibility in responding to the crisis is to reaffirm first principles.
Open markets work.
Open societies are resilient and just. And together they offer the best hope for lifting people's lives. Building on these principles, there are specific steps that we all can take to restore confidence and stability to the region's economies. The international community, of course, has both a self interest and a responsibility to help. Every nation that has a trading relationship with this region is affected by the crisis.