Finally we are seeing the first signs of global recovery. In the medium term, a rebalancing of the global economy will be crucial in ensuring sustained growth. The Fund will play an important role in advising member countries on policies that are also optimal from a global perspective.
The Fund has carried out major reforms The first full-fledged Early Warning Exercise, launched here at our meetings in Istanbul, is one example of a cooperative effort to promote global financial stability. The joint IMF-FSB exercise has benefitted from the Fund's macro-financial knowledge, complemented by the FSB's regulatory insight.