Sudden crises can overcome the inertia that holds communities back.

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Floating rates are less vulnerable to sudden speculative crises.

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First, the discipline imposed by the debt rule would have to bite gradually, rather than all at once, allowing time for corrective action, and avoiding sudden rollover crises so the plan calls for overlapping tranches of short-term debt.

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Crises are usually sudden and severe.

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Even if crises are avoided, emerging markets are prone to sudden slowdowns as they become richer and the trick of shifting underemployed rural migrants to urban jobs becomes harder to repeat.

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