SPEECH - In the speech 'Institutions for stability - current and past experience' Andrew Crockett of the BIS said the nature of international financial crises has been changing over time. Nowadays the most troublesome issues occur when a crisis of confidence provokes an outflow of capital from a country. Often creating a vicious circle where interest rates on outstanding debt rise, making it even less likely that the country can service its debt and leads to further capital outflows.

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