This paper summarizes developments in the relationships between the IMF, member countries, and commercial banks, with specific reference to five European countries. The paper addresses four interrelated issues relevant to possible IMF action in the future: (1) assessment of the attitude of commercial banks toward individual countries; (2) assisting member countries in the management of their external debt; (3) development of a constructive relationship between the IMF, commercial banks, and member countries; and (4) improvement in the handling of actual or potential debt crises. Some specific suggestions and recommendations are also provided.