For the rest of the evening, I would like to focus on a medium term structural issue that never seems to go away - global imbalances, and offer my views on what role exchanges will be able to play in meeting this challenge. Global imbalances Let me begin by briefly laying out how unbalanced the world is.
At the beginning of this month, I attended a series of meetings in Washington. Those meetings were held in conjunction with the annual meetings of the International Monetary Fund and the World Bank Group, and included the meeting of the finance ministers and central bank governors of the Group of Seven countries.