In effect, such a facility would accelerate IMF conditionality to before the
crisis hits, just as central banks impose conditions on commercial banks for them to operate, and
then lend to them in times of crisis without condition. It would be crucial that such a facility not
be used to postpone a devaluation of an overvalued currency, as was the case in Brazil, and that
private lenders be bailed in, rather than bailed out, in such a process.