(...) we asked Dr Tietmeyer to consult the relevant international bodies on these reforms ...” In order to fulfil this mandate, I have held thorough consultations with representatives of all the G-7 countries, the international financial institutions, and various international bodies.
These consultations were helpful in identifying key areas in the international financial system where improvements are essential in order to safeguard the proper functioning of the markets. A broad consensus emerged during this consultation process and is reflected in this report. This report first describes the current international arrangements for promoting the stability of the financial system.