1. Figure 9.1 The Asian crisis: rapid drop in the value of some currencies, 1985– 2002 Sources: IMF, International Financial Statistics; New York monthly exchange rate.

2. 1800 0 10 20 30 40 1830186018901920195019802010 percent Napoleonic warsGreat Depression Asian crisis Figure 9.2 Currency crashes since 1800 Source: based on Reinhart and Rogoff (2009); share of countries with an annual depreciation greater than 15 per cent, five year moving average.

3. Figure 9.3 The Asian crisis: current account balance, 1990–2009, per cent of GDP Source: World Development Indicators online

4. Figure 9.4 The Asian crisis: developments of GDP per capita, 1990–2009 Source: World Development Indicators online

5. Figure 9.5 Interest rates for selected Euro area countries, 1993–2012 Source: ECB, monthly interest rates statistics; long term interest rates- 10 year maturity (www.ECB.org).www.ECB.org

6. Figure 9.6 The policy trilemma