6 Also contributing to high saving rates was the authorities' decision to limit currency appreciation, thereby restraining import demand and boosting exports. Oil exporters have also contributed significantly to the recent increase in the aggregate current account balance of developing countries.
Monetary and fiscal expansion was brought in to buy time for renewal by initially stabilising the system. Yet did the banking sector really make the most of that time? Unfortunately, not to a sufficient extent. Yes, considerable efforts have been and are being made, and results are already visible. Institutions have considerably improved their solvency and liquidity.