These include improvements to the data system needed for adequate macroeconomic
monitoring, changes to the macroeconomic management framework and monetary
policy regime, and various aspects of financial sector reforms. Many of these reforms are
still, however, incomplete and will require additional measures or legal frameworks to
make them fully effective. The paper also indicates the lessons that might not yet have been
sufficiently learned and new risks to future economic stability. These include political
interference in financial institutions, leading to inappropriate or excessive lending, and
lack of transparency in fiscal liabilities that could mislead macroeconomic management.
The next section briefly reviews the evolution to the financial crisis in Thailand.
The paper then looks at crisis resolution measures that were adopted immediately after
the crisis in Section 3. Lessons and more fundamental reforms of monetary policy and the