As part of this process, there is more interest in ensuring that there are no positive incentives in favour of short-term flows, for example, via the BIS capital adequacy requirements, or via specific institutional arrangements such as the Bangkok International Banking Facility. Where To From Here? The sort of reform discussed here is not going to be easy to implement.
US, Japan, emerging Asia – particularly China, oil producing countries have a lot of serious work to do. As far as Europe is concerned, I would say that all the reforms I have mentioned and called for, in our best European interest, are also full part of what we have agreed to do to contribute to the orderly adjustment of global imbalances.