•  There is also considerable agreement on many of the elements needed to achieve these goals. This agreement has been reflected, in part, in the development and promulgation of globally accepted standards and codes for best practices in areas ranging from transparency in fiscal, monetary, and financial policies, to public debt management, and core principles for bank supervision.
The case for doing something about it is threefold: • Mexico in 1994/95 was a successful example of how to deal with the equivalent of a bank run. As Bagehot advised a century ago: the authorities should “lend freely”. But it is not realistic (nor, many would argue, desirable) to go on repeating this formula for succeeding crises.