This is why potential investment-strategy loops are a subject of attention for the FSB. Some of these issues were very usefully examined by the Bank of England and the Procyclicality Working Group, chaired by Andy. 18 Procyclicality is a pivotal issue for financial stability.
However, demand for IMF lending has dropped more than 80 percent since 2005 as emergency lending has almost ceased and most borrowers have repaid their loans. Such developments have led some to speculate that an international lender of last resort is no longer needed. 4  For example, see Edward J. Kane, The S&L Insurance Mess: How Did It Happen?