Numerous crises, from the collapse of Europe's exchange-rate mechanism in 1992-93 to the trauma in East Asia of recent months, make this clear.

ECONOMIST: Bearing the weight of the market | The

Modern currency crises the fracturing of Europe's exchange-rate mechanism in 1992, the Mexican peso crash in 1994, the collapse of East Asia's currencies in 1997, and the recent attacks on the Russian rouble are often blamed on them.

ECONOMIST: The villains of global finance deserve a better reputation