As we have  4  BIS Review 4/2002  witnessed so clearly in recent years, advances in technology have enhanced the growth of productivity, which, in turn, has been essential to lifting our standards of living. BIS Review 4/2002  5
At the root of the problems is poor public policy that has resulted in misguided investments and very weak financial sectors. Convincing a sovereign nation to alter destructive policies that impair its own performance and threaten contagion to its neighbors is best handled by an international financial institution, such as the IMF.