Financial crises are often self-fulfilling crises: How can they be corrected?

The emerging-country crisis in 1998-2001, the banking crisis in 2008-2009 and the euro-zone crisis in 2010-2013 were self-fulfilling crises , linked to a situation of multiple equilibria. This could be the case once again with the current credit crisis in the United States. How can this type of self-fulfilling crisis be avoided? This is possible , but it is very costly, as the possibility that the bad equilibrium could materialise would have to be eliminated by ensuring that : There is no external deficit in emerging countries and the euro zone; Banks have a very high level of capital; Companies have strong profitability and low debt.