Grammar query.

Question: It is correct if we use past tense when giving a comment on a narrative? We should substitute "signifies" for "signified", shouldn't we?

For instance: We must remember that the crux of the Asian Financial Crisis was due to highly leverage economies with large foreign denominated debts but without sufficient foreign reserves. When the foreign funds started to pull out from the region, it kickstarted a series of defaults by corporates and governments. Coupled with massive devaluation of currency, the economy collapsed. This episode signified the importance of stability for a country's currency in the context of its economic health.