Central bank 'panic' - Eastern Europe to come?

The always important Brad Setser has posted this: The central bank panic of 2008

Much great stuff, as always. Read the whole thing. But I'm most struck by these bits:

With the benefit of hindsight, a strong case can be made that the IMF’s financial response to the Asian crisis was too timid, with the IMF asking for too much adjustment and providing too little financing. Loans from the IMF and World Bank were clearly far too small to offset the swing in private capital flows

And by all indications Eastern Europe is now experiencing a comparable stop in private inflows, and in all likelihood, those large private inflows will turn into large private outflows. But there also now seems to be a greater willingness to use the IMF to provide more financial support than in the past …

"Too timid" might be the epitaph on this mess, alas