(ii)  A second innovation to the system is the establishment of internationally-accepted standards and codes as “rules of the game” for all economies. Thus, working with other international institutions, we now have codes of good practice for monetary policy, fiscal transparency, insurance and payments systems, securities, corporate governance, accounting, statistics, bank supervision etc.
We are in the process of adopting some of these standards. (iii)  A major innovation to the financial infrastructure which is now being put in place is a new mechanism for dealing with crisis countries that have acute external debt servicing problems.