Tonight, I would like to offer some thoughts on the question “the international financial architecture - where do we stand?” In my remarks, I will first have a short look back at the changes to the international architecture over time, before concentrating on reform efforts that have been undertaken in four areas, namely the institutional setup, transparency and best practices, regulation of financial markets and crisis prevention and resolution.
Let me briefly look at the changes to the international financial architecture over time. The key aim of today’s policy makers has not changed compared to those at the Bretton Woods times - it has been, and still is, global prosperity and stability - but the environment in which we are acting has changed profoundly.