Initial Lessons of the Crisis

Publication Date:

February 6, 2009


This paper summarizes the initial lessons of the financial crisis along three dimensions—regulation, macroeconomic policy, and the global architecture for stability. The focus here is not on the near-term resolution of the crisis or the long-term consequences (which must be left to other papers), but rather on prevention, bearing in mind that crises will inevitably recur. The underlying analysis is elaborated in three related staff papers to be issued separately.


Policy Papers



Companion Papers:

Initial Lessons of the Crisis for the Global Architecture and the IMF

Lessons of the Global Crisis for Macroeconomic Policy

Lessons of the Financial Crisis for Future Regulation of Financial Institutions and Markets and for Liquidity Management


Publication Date:

February 6, 2009



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