The wave of currency and banking crises that began in 1997 in East Asia generated a broad consensus that fundamental reforms were required in the international financial system. Particularly during 1997 and 1998, the view became dominant that existinginstitutions and mechanisms were inadequate for preventing and managing crises in the dramatically changed world of the twenty-first century. It has become increasingly evident that achieving stability requires changes to the international financial architecture itself, though as discussed below, change at the international level has been insufficient.
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