Lessons from the Japanese crisis

15/05/2009

Toyoo Gyohten, president of the Institute for International Monetary Affairs, says we did not act soon enough to avert the current crisis, and that CEOs must take seriously their leadership responsibilities to put the corporate sector right again. Apart from fiscal stimulus packages, he believes leaders must find ways to stimulate demand, not simply by providing easy credit.

Drawing on valuable lessons learned from the Japanese crisis of the ´90s, Gyohten says leaders must "go through a period of reflection and probably self-condemnation" but ultimately remain optimistic, because eventually "the night will end."

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