But as global markets grow and broaden, and countries become more  4  BIS Review 71/2007  interconnected, we have an increasing stake in a sound international monetary system, and in an institution to support it. Third, and finally, the IMF is best placed to be that institution. But to realize its potential, we need to modernize the way it pursues its mandate.
A process of renewal is well under way, and it is important that the IMF and its members seize the opportunity to build an IMF for the 21st century. BIS Review 71/2007  5