This paper summarizes the initial lessons of the financial crisis along
three dimensions—regulation, macroeconomic policy, and the global
architecture for stability. The focus here is not on the near-term
resolution of the crisis or the long-term consequences (which must be
left to other papers), but rather on prevention, bearing in mind that
crises will inevitably recur. The underlying analysis is elaborated in
three related staff papers to be issued separately.
