I believe that money is truly capable of functioning as the social and economic lifeblood of a country when its value is properly maintained through monetary policy, and also when smooth functioning of the payment and settlement systems is fully ensured.” I still believe in the truth of what I said.
For example, accounting standards and disclosure practices are reviewed, and banks are urged to improve risk management and corporate governance practices. Other initiatives include supervision and regulation of derivatives markets and the shadow banking system are revised, including moves to central counterparties which will help address the contagion risks embedded in long counterparty chains in the OTC markets.