Abstract

Let me say right off that I fully agree with David Lipton that the proper role for IMF financing must be set within a strategy for the international financial architecture more broadly. Under the heading of architecture we include not just those elements that involve crisis resolution but, even more important, all those that involve a strengthening of surveillance and of risk assessment. The extent to which we succeed with the various initiatives aimed at strengthening the system—that is, at prevention—will color the nature of the crises that still occur.