These initiatives have ranged widely, from efforts to improve policymaking in emergingmarket economies in areas such as choice of exchange rate regime and debt management to development of international standards and codes of best practices and to reforms of international financial institutions. Today, I venture an assessment of how much progress has been made and how much remains to be done.
I believe that there have been improvements in our understanding of the causes of crises, in economic policymaking in emerging-market economies, and in international institutional arrangements. The key to preventing future financial crises is for emerging-market economies themselves to institute sound domestic economic policies and to build robust domestic financial institutions.