This would require a policy framework anchoring the global standard to an objective of global stability. An alternative view is that of a multi-polar currency system. The emergence of such a system would accompany the global rebalancing of economic power that is taking place. It would be a market-driven process rather than requiring an international agreement, framework or mechanism.
In addition, the Bank will continue its wholehearted support of efforts being made in the financial services industry to improve the overall functioning of the financial system with regard to the efficient allocation of credit. Since last year, the Bank has announced a number of measures in this regard.