Those indispensable foundations are provided by convincing long-term domestic policies on the part of the countries themselves. That means: sound public finances, stable prices, sound banking and financial sectors, and competition and flexibility in the domestic product and labour markets. It cannot be said often enough: internal policies must be in order. That is the starting point for any architecture.
They are, so to speak, both the foundations and the supporting pillars. Greater and, above all, improved transparency is just as essential for monitoring the quality of those foundations and pillars as is regular surveillance by the IMF as part of the Article IV consultations.