The discussion of the reform of the international financial system rose to prominence in the late 1990s in the aftermath of the economic and financial crises in the Asian countries. The package of reforms grouped under the rubric of “international financial architecture” is designed to respond to the lessons of the crises with the aim of reducing the frequency and magnitude of future crises. They complement the increased attention being given to external vulnerability analyses and to the conditions governing access to IMF resources.

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