In view of the overarching rules of economic governance, it should be clear that Fund financing must not  BIS Review 43/2005  3  distort the functioning of the market mechanism. Fund policies should instead leave the market participants fully responsible for their own decisions.
Emergency cases may still occur, but Fund lending might be restricted to true emergency cases and not be used as an instrument without an emergency need. Under the strategic review, an important question is how the newly agreed framework for exceptionally large access to Fund credit could be strengthened in practice.