More related to substance than to procedures, let me also mention the recent reform of the Fund’s framework for surveillance, which should help to strengthen this important part of the IMF’s mandate given the current climate of reduced IMF lending. Before moving on from important changes in the institutional set-up of the international system, I would like to highlight the Financial Stability Forum (FSF).
Its creation back in 1999 was also motivated by the Asian crisis. The FSF is today the only forum which enables cross-sectoral cooperation among national and international entities in charge of supervision.