The European and Asian financial crises are the two most recent major regional crises. This paper compares their origins and evolution. The origins of the two sets of crises were different in some respects, but broadly similar. The two sets of crises also shared similarities in their evolution, but here the differences were more significant. The European crisis countries received more external financial support, despite the fact that they involved more solvency issues while the Asian crises involved more liquidity issues. On balance, the reform programs in the European crises were less demanding and rigorous than in the Asian crises. Partly as a consequence, the negative impacts on the global economy have been larger. Author Edwin M. Truman draws three lessons from this analysis: First, history will repeat itself; there will be other external financial crises. Second, other countries have a stake in appropriate crisis management. Third, the International Monetary Fund (IMF) and other countries were mistaken in treating the European crises as individual country crises rather than as a crisis for the euro area as a whole that demanded policy conditionality on all members of the euro area.
欧洲金融危机和亚洲金融危机是最近发生的两次重大区域性危机。本文比较了它们的起源和演变。这两组危机的起源在某些方面有所不同，但大体相似。这两组危机在演变过程中也有相似之处，但它们之间的差异更为显著。欧洲危机国家获得了更多的外部金融支持，尽管它们涉及更多的偿付能力问题，而亚洲危机涉及更多的流动性问题。总的来说，欧洲危机中的改革方案没有亚洲危机中的那么苛刻和严格。部分原因是，全球经济受到的负面影响更大。作家埃德温·m·杜鲁门(Edwin M. Truman)从这一分析中得出了三条教训:第一，历史会重演;还会有其他外部金融危机。其次，妥善的危机管理与其他国家利益攸关。第三，国际货币基金组织(IMF)和其他国家错误地将欧洲危机视为单个国家的危机，而不是整个欧元区的危机，这要求欧元区所有成员国都有政策条件。
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