-6-  Vision and agenda for the 21st century As we consider these challenges together, the right balance is crucial. We need a vision for the international monetary and financial system of the 21st century in which EMEs will form an increasing share of the global economy, while gradually developing their financial systems.
This vision for the long run cannot merely focus on a utopian system where all participants have mature, well-regulated financial systems, fully open capital accounts and exchange rates that are freely floating. We must also be mindful that some are closer to the destination than others.