Special mention should be made of the building of liquidity networks both in foreign and local currency. This has been a common pattern among Asian and Latin American emerging countries and, in my opinion, has been well institutionalized since it raises confidence for domestic economies. Today, even after the worst of the crisis is over, there is still no international lender of last resort.
Consequently, there is no adequate substitute either for a foreign reserve accumulation policy at the national level. This is also the case with construction and development through the prudential regulation of banking systems with high liquidity and solvency buffers to cushion shocks instead of  2  BIS Review 133/2009  amplifying them.