For even though capital flows may sometimes be difficult to manage, especially for small countries, the benefits from access to a bigger pool of world savings are substantial -- when those savings are used prudently and productively. What we must do is find ways to minimize the risks, without surrendering the benefits.
BIS Review 50/1999  2  There are three main areas towards which international efforts are currently directed: strengthening financial systems; ensuring that countries follow responsible macroeconomic and financial policies; and developing effective processes for managing crises when they arise. Let’s look at these three areas. First, there is the need to encourage sound financial systems -nationally and internationally.