I am pleased to note that considerable progress has already been achieved in making countries and the whole system more resilient to shocks. In that context, I would like to highlight transparency and the promotion of best practices, two key elements of crisis prevention. Transparency is a precondition for well-functioning markets, since it facilitates better risk management and leads to strengthened market discipline.
It is therefore welcome that significant changes have been introduced in a number of fields. For example, it was not long ago that the IMF itself started to disclose information on its policies and to encourage increased transparency by its member countries.