The global financial safety net is incomplete with respect to liquidity provision available in a crisis. To close some of the gaps, International Monetary Fund (IMF) surveillance and analytical capacity should be harnessed to the precautionary facilities of regional financial arrangements and swap agreements of key-currency central banks. A country’s qualification for the IMF's Flexible Credit Line (FCL) should open access to the precautionary facilities of regional arrangements and create a presumption of access to swap agreements. This paper identifies more countries that would likely qualify for an FCL. These proposals would exploit the advantage of global and regional institutions while reducing financial system fragmentation.
