In the interests of crisis prevention, however, these latter countries should not miss the right moment for a change of regime if their integration into the world financial system advances. III. Improving crisis management  Direct crisis prevention measures of the kind I have mentioned are the first line of defence for ensuring a smoother longer-term development of the world economy.
Nevertheless, in spite of all such efforts, further financial crises will probably occur in emerging market economies. How best to resolve future crises therefore remains an issue of utmost importance. Here, we need to find an appropriate balance between the role of official financial support and the role of private sector involvement (PSI).