OPINION

Asia holds lessons for Europe in post-crisis recovery

News, Praphorn Praphornkul, Published on 13/09/2012

» Fifteen years ago the Asian crisis forced us to go through painful adjustments and far reaching economic and financial reforms. We had to embrace legal, regulatory and governance reforms, while our business sector had to deleverage and our bankers became much more prudent and risk conscious. Today, the world is witnessing another crisis not dissimilar to ours and I have been asked to share with you some lessons from the Asian financial crisis. As a well-known American author, Mark Twain put it, "history doesn't repeat itself, but it does rhyme". So despite the differences in the context and details of both the Asian and the European crises, the underlying root causes are not dissimilar.