Argentina Republic

Lessons from the crisis that changed the world 2 September 2009 yesterday started in the Central Bank of the Argentina Republic monetary and banking sessions called the emerging countries the crisis: lessons and challenges. Today and the participation of prestigious scholars and doers of policy included Robert Merton, Olivier Blanchard and Felipe Larrain, to name just a few, has generated great interest reflected in the participation of representatives of several countries on different continents. Both was the interest that generated these days even though it arrived half an hour before the start, I had to witness the first part of the panels in an alternative room (in addition to the exhibition hall, other two rooms were filled), to see it through a screen, although it was not an obstacle for the opportunity to listen to such prestigious exhibitors. Certainly is one task more difficult to be able to synthesize the abundance of discussion in a single article, and why in this I just want to share some of the effects that the crisis has had and will have on the stage where policy makers, with the commitment to addressing the remaining contested topics in future articles must act. Without a doubt, as mentioned by the Governor of the Central Bank of Chile, Jose De Gregorio, the crisis has changed the vision of central bankers. Until the crisis, central banks were mainly concentrated on the control of monetary stability in a manner separate with the stability of the financial system. The crisis has demonstrated that both objectives must be coordinated and achieved together since it is not possible to reach a strong stability in the price level if there are elements that can be turned into a focus of crisis in the financial system. We must remember that the current crisis in the U.S. financial system has begun and has quickly spread to the rest of the financial systems of developed countries.