Consider, says Mr Chhibber, Turkey's banking system prior to that country's financial crisis in 2001.

ECONOMIST: Paul Wolfowitz at the World Bank

In such a situation, Mr Chhibber points out, all the Bank can do is bide its time.

ECONOMIST: Paul Wolfowitz at the World Bank

Mr Chhibber argues that earlier failures contributed to the eventual success.

ECONOMIST: Paul Wolfowitz at the World Bank