I hear euro area citizens calling for better supervision of the financial sector. And I know that our partners in the G20 look to Europe as a whole for solutions, not to individual Member States. Increasingly, it seems that it is not too bold to consider a European finance ministry, but rather too bold not to consider creating such an institution.
Internal assessments and external evaluations under Article-IV and FSAP by the Fund-Bank have, therefore, to be extremely cautious about the dissemination of information on a country’s compliance status. The policy makers, who shoulder the responsibility for developing markets while at the same time avoiding market instabilities must retain full discretion on their own dissemination policy.