One has to determine what central bank measures are and what are not, and ensure that the core responsibilities and independence of the central banks are not overwhelmed or compromised. Things will have to be done differently: central banks need to create better levels of knowledge and skill− perhaps also collect different data − or change the way in which they look at data.
Such transparency suggests a second standard worth considering. Countries that lack the seasoning of a long history of dealing in international finance should manage their external assets and liabilities in such a way that they are always able to live without new foreign borrowing for up to, for example, one year.