Let me now turn to the other side of debate - the implications for macroeconomic conditions and policies. The first impact of any loan waiver is on the balance sheet of lending institutions, be they formal or informal. This is inherent in the inevitable lags, in the timing of impact and the arrival of compensation from the government.
The FSB expanded membership now includes, in addition to the FSF members, the rest of the G20, Spain and the European Commission. These changes will enhance our ability to contribute to ongoing efforts to strengthen the international financial system. New members will add broader perspectives to our deliberations, and increase buy-in and implementation of our output.