In particular in light of European complaints about overly generous external fi nancial support for the
Asian countries in crisis, this pattern looks like the application of a double standard. Moreover, providing
more fi nancing to Europe is inconsistent with the view that in Asia the crises were tilted toward liquidity
interpretations, justifying more generous fi nancing, and in Europe they have been tilted toward solvency
interpretations, justifying more bail-in and less bailout.