2  BIS Review 47/2007  •  It is also worth emphasising that in the past few years some EMEs have been raising funds through issuing local currency bonds on international financial markets. The largest issuers in 2006 were South Africa, Brazil, Mexico and Colombia. IV. Let me now turn to the reform measures that should to be taken.
I believe two areas stand out where further reforms are needed: namely, promoting liquidity and developing corporate bond markets.