All of us need to be vocal in resisting calls for protectionism. Yet, two years after Boca Raton, progress on trade appears to be stalled. Protectionism is a real and rising threat, and we see mounting restrictions on the flow of capital. Instead of more openness in trade and investment, we see signs of increasing insularity.
I would like to begin by emphasising the great achievements that we have reached so far. The international financial system is considerably more resistant today than it was just a few years ago. Many important regulatory measures were tackled under the G20 financial sector reform agenda.