The relatively less sophistication of their financial markets has been a blessing in disguise, as they did not face the brunt of the GFC and the growth continued at an even faster pace. It will be unfortunate if Pakistan is unable to take advantage of this shift in the growth paradigm.
The in-built flexibility of its operational framework allowed the Eurosystem to provide the necessary liquidity to address the impaired functioning of the money market without encountering widespread collateral constraints throughout much of  8  BIS Review 52/2009  2008.