The impression created by the statement quoted in the previous paragraph is that what countries require to get them to take action in time to prevent a crisis is adequate warning of the risks of a crisis, or an adequate understanding of international interdependencies. That is not likely.
Fund warnings of risks that an OECD economy may be courting do not generally come as a surprise to policymakers in those countries. For instance, it cannot conceivably be the case that the experts have only now recognized the need for all the financial sector reforms that are being proposed in the flood of recent reports.