In fact, U.S. officials and business leaders here say the crisis presents Asia with a valuable opportunity for change. Robert Denham is an APEC adviser and CEO of Salomon Brothers. I think countries learn from searing economic experiences. And what s happening in some Asian countries right now is extremely searing. I think Asia will come out of this crisis wiser about economic policies, somewhat more cautious, less likely to engage in the kinds of investments that produce a real estate bubble, and maybe, most importantly, I think Asian countries will learn to attach greater importance to regulation and supervision of their financial institutions because that s been a critical element in each of the places where a crisis has erupted.
Trade liberalization continues.
Timothy Ong of Brunei is an APEC adviser. I think it is a considerable step forward that the leaders have actually identified a number of sectors for early liberalization. It would be further progress towards liberalization even in the light of this financial crisis. And Korean APEC adviser Soogil Young says because of the crisis Korea can undertake difficult reforms, but there s no guarantee of success. We should be very cautious, careful, but nonetheless, you should have the hope.