If well coordinated at the international level, the new micro- and macroprudential instruments should go a long way in addressing global liquidity issues and potential imbalances. Further reflection is also warranted on the provision of public liquidity, i.e. precautionary foreign-exchange reserve holdings and on international coordination in the face of global liquidity shocks.
The scope of the project will be determined by taking into account the results of a public consultation. The Governing Council will then decide on the subsequent development phase by early 2008. III. Conclusion  This brings me to the end of my presentation and I would like to conclude with the following remarks.