The euro area should accelerate structural reform in the labor market area and pursue a looser monetary policy, when necessary. Japan should focus on solving the  BIS Review 19/2003  1  problem of nonperforming loans and endeavor to carry out financial sector reform to create conditions conducive to economic recovery.
To promote economic growth, the developing countries need to further expand domestic demand, improve financing conditions, pursue a robust macroeconomic policy, and speed up structural reform. II. Crisis prevention: surveillance, standards and codes  In recent years, the IMF has conducted extensive research and made considerable efforts in the area of crisis prevention and resolution.