In large part as a consequence of this continuing interaction, another important benefit from regional arrangements is their superior knowledge of what is happening in the region. I can recall that in July 1997, when East Asian central bankers met in Shanghai, it was very obvious to everyone at that meeting that the Asian crisis was going to be very serious indeed.
Today, I would like to highlight some of the main developments about the FATCA for us to assess the depth and magnitude of this emerging regulatory issue.