1199278 - Error Creating Control: The type initializer for 'CrystalDecisions.CrystalReports.Engine.CRPE' threw an exception

When dragging and dropping a CrystalReportViewer control from the Visual studio toolbox, you receive an error:

""Error Creating Control: The type initializer for 'CrystalDecisions.CrystalReports.Engine.CRPE' threw an exception" in the design view of the form.

This issue can occur in the case where Crystal Reports 2008 is installed side-by-side with Crystal Reports XIR2 and is integrated with Visual Studio  2003 or 2005 and a Crystal Reports XIR2 application is already open in Visual Studio.
Once this error has occurred, the Crystal Reports 2008 project will not be buildable, viewer controls cannot be added to a form and creation of new reports will give the exception "the document could not be opened".

This issue has been tracked with an id of ADAPT00917719.
To avoid the issue, close the Visual Studio IDE and re-open it.  Avoid simultaneous development of applications with mixed versions of Crystal Reports.

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Crystal Reports 2008 V0