There was also broad consensus about what contributions national policies should make: Sound fiscal and monetary policies, a well-functioning legal system and stable domestic financial systems are regarded as prerequisites for countries to prosper and to avoid economic turmoil. It came as no surprise that the discussion regarding other aspects of crisis prevention and crisis resolution was much more contentious.
Please allow me to make a few brief remarks. Pre-crisis liquidity support, contingent credit lines or precautionary exceptional excess arrangements are all means which are thought to help prevent financial crises. However appealing this kind of reasoning seems to be at first sight, such instruments could be problematic for a variety of reasons.