Our actions will set the course  not only for the future of the planet but also determine the kind of environment which we bequeath our future generations. For a regulator in a developing country, given the high rate of technology adoption, keeping pace with market innovations is always a challenge.
To give but two figures, 30% of the outstanding volume of international debt securities were denominated in euro at the end of June 2000, and the euro-denominated issuance volume was roughly comparable to that in USD in the first quarter of 2000. Both sovereign and corporate borrowers are making use of the favorable financing conditions created by the introduction of the euro.