Conclusions and Lessons for the Future

Abstract

The purpose of this chapter is to highlight a number of main conclusions and lessons for the future that can be drawn from the preceding chapters regarding the financial sector and its regulation, the implementation of monetary and fiscal policies, the international financial architecture and thinking about the aggregate economy. These lessons derive from an analysis of the factors that gave rise to the financial crisis at the national and global levels and the success or failure of policy initiatives to deal with its effects. The recognition of these lessons is essential if effective institutional and policy reforms are to be put in place to minimize the possibility of major financial crises in the future.