Czech National Bank on the financial crisis

I would like to recommend some analyses by the CNB.
Governor Tuma and vice-governor Singer:

Causes of the global crisis:
Coincidence of many global factors synchronisation of business cycles worldwide
Economic Financial Political Institutional
Czech Specifics:
- Balanced financial system financed by deposits rather than by foreign funds
- Sound non-financial sector and households (in total, financial assets and liabilities, indebtedness, etc.)
- External balance (trade surplus, modest current account deficit)
- Negligible share of toxic assets in domestic financial system (less than 1% of total assets)
- High ability for rapid supervisory action (tested in practice and by Société Générale hiccup)

Member of the Board Tomsik:

The macroeconomic situations in Hungary, Iceland, or Belgium have shown that countries and their financial markets have been suffering from crisis no matter whether they are a member of the Euro zone or not
National currency obviously no guarantee against the crisis.
The point is to have reasonable and stable economic policy and prudential approach of domestic regulation.
Without it you cannot have stable economic environment disregarding whether the country is inside or outside the Euro zone.