The broad tenets of the Washington Consensus, with its market-based policies, remain in place, but there is a recognition that well-functioning markets require complex institutions, rules and procedures, and that these take time and effort to develop. Dr Stephen Grenville asks how economic policymaking changed as a result of the Asian crisis of 1997-8, in the countries affected, in the region, and at the global level. It is perhaps surprising how little change has occurred in the broad approach to economic policy, but there is a much greater awareness of the vulnerabilities posed by large international capital flows.