Mario Francescotti, a senior manager at Morgan Stanley in Hong Kong, argues that the infrastructure for deep, well-functioning capital markets cannot be built without the participation of the dominant banks.

ECONOMIST: But in Asia they will take time to build

"The first phase of the crisis marked by adjustments and liquidity problems is finished, " says John Wadsworth, chairman of Morgan Stanley Asia in Hong Kong.

CNN: FROM BAD TO WORSE

"You need someone at the top who can think of systemic change, " says Andy Xie, China economist for Morgan Stanley Dean Witter in Hong Kong.

CNN: ASIANOW - TIME Asia