There is also a plan to collectively manage a pool of national foreign exchange reserves. All of these will require an agreement on cost allocation before they can become a reality. In view of the fact that liquidity and solvency tend to deteriorate in tandem during times of crisis, extending financing to troubled financial institutions, central banks, or governments carries credit risk.
Both uncertainty inherent to the development processes of domestic economies and uncertainty associated with the transformations undergone by the global economy especially due to financial innovation, together with the greater integration of emerging countries, have led to a new horizon for monetary policy design and implementation. We will attempt to approach this horizon in this forum for reflection and analysis.