Let me therefore turn to what the major creditor countries could do differently, before saying something about international arrangements more generally. Banks in the major creditor countries have participated fully in the enthusiasm for investment in rapidly growing emerging markets. This already happened in the 1970s in Latin America, and led to the debt crisis that began in Mexico in 1982.
Last but not least, given the mutual linkages among the regions of Asia, Latin America and Caribbean countries, it is all the more important to monitor whether there are any financial imbalances in any countries. To achieve this goal, we need to improve not only the credibility and the accuracy of our economic data, but also their timeliness.