2  BIS Review 145/2010  The second failure was to assume that simply by adopting a system of rules there would be no more crises. If there are no crises there is no need for a crisis management framework. This was very naïve and ultimately turned out to be a mistake. Experience shows that crises do occur, even in the best of worlds.
Of course, it’s not easy to build a crisis management framework. But it might not be that complicated either, learning from the experience of the International Monetary Fund and the European Financial Stability Fund, which has just been built to address the current crisis. I believe that there is a broad agreement on what we don’t want.