Note:
18. See "Contemporary Concert Diplomacy" op. cit., Commission
on Global Governance, Our Global Neighbourhood, p. 182,
and on crisis prevention, Michael Artis and Sylvia Ostry, International
Economic Policy Co-ordination (London: Routledge, 1986), p.
?. In the case of the December 20, 1995 Mexican peso crisis, there
had been some warning and Article 4 consultations with the Fund
as required for members with a fixed exchange rate regime. G-7
members asked what if anything could be done and whether the G-7
itself or the IMF as a whole was the appropriate body to do it.
This led to questions of the adequacy of resources -- "where's
the money?" -- and moral hazard.
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