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| Lessons and Reflections from the Euro Area Crisis Lending Programs |
| MIAO Yanliang
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| Investment Center, State Administration of Foreign Exchange |
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Abstract It has been 10 years since the global financial crisis of 2008. The liquidity and financial crisis has long gone with asset prices at historical high but the Euro Area debt crisis still casts a long shadow. I summarize 10 most important lessons from crisis lending programs into three different groups. The first group consists of the lessons well learnt and being currently applied, including repairing balance sheet, strengthening regulation and maintaining exchange rate flexibility. The second group consists of the lessons once learnt but soon forgotten with the recovery of economic cycles and asset prices, including the use of leverage, the cyclicality of regulation and market complacency. The third group are the lessons that prove to be elusive and challenging for policymakers, including the politics of crisis lending, the political economy of structural reforms and preventing the next crisis. Each of the 10 lessons summarized here applies directly to today's China and can be viewed as the Ten Commandments of China's own crisis fighting.
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Received: 20 March 2018
Published: 01 November 2018
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