This chapter discusses issues concerning the prevention of financial crises. It explains that both prevention and emergency management play a role in minimizing the impacts of such events. However, it is always wiser to focus on crisis prevention. This would mean giving less attention to the International Monetary Fund (IMF) press releases on emergency rescue and focusing on the institution's Reports on the Observance of Standards and Code and Financial Sector Assessment Program, and to the core principles and prudential standards of the International Monetary Fund.
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