Latin America and the New Financial Architecture

Argentina's ongoing crisis demonstrates, if demonstrations are still needed, that emerging market crises remain with us. Indeed, so frequent have such crises been over recent years that we seem almost to take them for granted. In the 120 months of the 1990s, 40 emerging markets (i.e., 33% of the world's developing countries), experienced serious financial distress. So it is time to ask: what viable steps have been taken to create a financial architecture able to contain and reduce this number?