Given the high degree of integration in the world financial system, and since individual countries may still underinvest in the global social good of domestic financial stability, there is a pressing need for international institutions that effectively monitor systemic risk and coordinate macroprudential and financial policy reform.
There was no effective international surveillance that identified either the nature or the scale of the financial crisis, because no international organization had yet integrated effectively macroeconomic and macrofinancial analysis. Progress on these imperatives was also made this past weekend in Washington, and they will remain a focus over the coming weeks. Conclusion Allow me to conclude.