in the honor of stanley fisher. stan was my teacher and graduate school and both a role model and frequent adviser ever since. an expert on financial crises he's written prolifically on the subject and served on the frontline, so to speak. notingly in his role of first managing director of the imf during the emerging crises of the 1990s. stan also helped to fight hyper inflation in israel of the '0u78 and the central bank, he managed monetary policy to mitigate the effects of the recent crisis on the valley economy. subsequently israeli housing prices moved upward, he became ab advocate of mariah carey pry decial policies. he frequently counseled his students to take an hi call perspective which is good advice in general but particularly helpful for understanding financial crises which have been around far long time. i think the recent global crisis is best understood as a classic financial panic transposed to a novel constitutional context of 21st century financial system. and appreciation of the parallel between recent

. >> next speaker, stan fisher? to thank the imf for organizing this conference privilege ing me the to have a conference named in of me. and it's actually been a great practical lots of papers on lessons we've learned recent crises and from particularly , comparison of the difference asian crisis of the late '90s and the crisis that 2008.in can send the papers to the conference to those of you who were not able to be here to to them. i'd also like to thank ben for everything that chairman of the fed. believe that when the history books get written, the innovations that were made in will be recognized s changing the way in which central banks deal with financial crises. i'll have to -- and olivia has asked us to speak about some of those ways e and he told us three. i'll talk about three features of the change -- the that will occur, i think, in our thinking. if we remember them. there is this line that those not learn history are condemned to repeat it. of the inventor of of as opposed to -- uncertainty as opposed

stan fisher? >> cautious as well. sy credit has been largely responsible for the market boom as is china's own development. i think stan is absolutely right. there is so much attention now paid to tapering and said hello see spilling over to -- and fed policy spilling over to the emerging market. it's like blaming it on the bossa nova. it is saying that the fed is not responsible for structural problems in emerging economies. if you take china for example, some of the recent economic to balance having good that it is economic developments are good. still he financial sector whose policies don't work. structural reforms are needed likewise in india. around the world, rather than looking at big monetary or macro factors, these are individual policy factors. africa remains really an exciting bright spot particularly for the climate in entrepreneurship. in my own school, we have been on the ground for a decade training people who train entrepreneurs. really exciting. >> let's talk about a couple of developed countries. let

stan fisher? as well.us easy credit has been largely responsible for the market boom as is china's own development. i think stan is absolutely right. there is so much attention now said helloering and see spilling over to -- and fed policy spilling over to the emerging market. it's like blaming it on the bossa nova. it is saying that the fed is not responsible for structural problems in emerging economies. if you take china for example, some of the recent economic to balance having good that it is still he financial sector whose policies don't work. structural reforms are needed likewise in india. around the world, rather than looking at big monetary or macro factors, these are individual policy factors. africa remains really an exciting bright spot particularly for the climate in entrepreneurship. in my own school, we have been on the ground for a decade training people who train entrepreneurs. really exciting. >> let's talk about a couple of developed countries. let's talk about your. -- about eu