In summary, the programs adopted in the European crises generally have been less demanding and
rigorous than those in the Asian crises. In addition to the fact that Europe has received more fi nancing,
which may be a program improvement, and to the fact that fi scal policies have been more stringent
in Europe, which may be a mistake, the euro crisis programs have fallen short relative to the Asian
standard. Th e ECB could have been required to have been easier on monetary policy. On fi nancial sector
restructuring, despite some program content, the core issues have not been fully addressed—in particular
on a euro-wide basis—to the extent that they were in Asia. On other structural policies, although
again there are exceptions, the content has been less than in Asia, which operationally was a diff erent
environment with respect to these policies. PSI has been more prominent in Europe than it was in Asia,
but it probably should have been. On exchange rate policies, the failures in Europe were before the euro
was introduced and in surveillance of the euro area after the introduction of the common currency
In summary, the programs adopted in the European crises generally have been less demanding and
rigorous than those in the Asian crises. In addition to the fact that Europe has received more fi nancing,
which may be a program improvement, and to the fact that fi scal policies have been more stringent
in Europe, which may be a mistake, the euro crisis programs have fallen short relative to the Asian
standard. Th e ECB could have been required to have been easier on monetary policy. On fi nancial sector
restructuring, despite some program content, the core issues have not been fully addressed—in particular
on a euro-wide basis—to the extent that they were in Asia. On other structural policies, although
again there are exceptions, the content has been less than in Asia, which operationally was a diff erent
environment with respect to these policies. PSI has been more prominent in Europe than it was in Asia,
but it probably should have been. On exchange rate policies, the failures in Europe were before the euro
was introduced and in surveillance of the euro area after the introduction of the common currency
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