Executive summaries “ The international financial crisis : timeline , impact and policy responses in Asia and the Pacific ” by

The international financial crisis has become a defining event in economic history and will probably cast a long shadow over policymaking for years to come. Even though it may be risky to draw firm conclusions from this event for Asia and the Pacific before the cessation of the financial market headwinds, a number of lessons have already emerged for Asia-Pacific central banks that are likely to stand the test of time. Such lessons learned, though naturally still tentative, can contribute to the ongoing discussions in various national, regional and international forums. In particular, these lessons should help guide discussions about possible reforms of the financial system and also about the design of exit strategies to help ensure a return to sustainable and less crisis-prone growth while maintaining price stability.