Professor Edward Kane:

Some time ago with a colleague at the IMF I studied 12 crises. I think we found that two of the Scandinavian crises had been handled in a way that was harder on the banks than everybody else. One can see how the norms of the Scandinavian countries are different. Asian countries are varied. The Confucian idea is that if something is wrong, you should not have done it; you do not need to prove you knew you were doing wrong. We do not impose that kind of obligation. We do not have ex post factolaws and punishments.