Lesson 1: On prevention versus crisis management. We have done better at the latter than the former. It is doubtful that this will change as memories of the crisis fade and financial market participants and their regulators become complacent.
Lesson 2: On diagnosing and understanding the scope and depth of the risks and magnitudes of the debt. What is public and what is private? Domestic and external debt are not created equal. And debt is usually MUCH bigger than what meets the eye.
Lesson 3: Crisis resolution. How different are advanced economies and emerging markets? Not as different as is widely believed.
Lesson 4: On international financial architecture after global crises—the return of financial repression.