The group will look at a number of issues, including accounting and valuation procedures for financial derivatives, particularly those that are narrowly traded or difficult to price in times of stress. They will also look at the role of credit-rating agencies in evaluating and rating structured products.
We’ve experienced a drought that has led to sharply higher food prices. The exchange rate has been depreciating for several years and is now very weak. Some of this depreciation was appropriate and necessary, given falling commodity prices and some measure of policy tightening in the US.