I would highlight in particular our participation in two new international groups formed in 1999 - the Group of Twenty and the Financial Stability Forum. The Group of Twenty, currently chaired by Finance Minister Martin, brings together national authorities from both industrial and major emerging-market economies to discuss key issues that are important for the proper functioning of the global economy.
Both society and our financial system are facing some structural shifts and challenges. Some of the drivers of past deflationary pressures have lost steam, such as global trade liberalisation and the reliance on the existing global supply chains.