§  This role is particularly important in unfolding crisis situations, because borrowing country authorities too often are slow to recognize the full dimensions of the policy challenges confronting them, and the private sector is ill-equipped to deal with this.
A case-by-case approach by definition is supremely tactical, but it also needs to be strategic in orientation if it is to be successful in the longer run. I would like to highlight several ways in which the case-by-case approach needs to be strategic. G  First off, strategy needs to be informed by a long-run view about the case at hand.