Concluding remarks  Let me conclude. International discussions to develop a new financial architecture and new rules which would prevent future crises are underway. However, new architectures and rules in themselves are not sufficient. There is no doubt that through advances in technology and innovation, financial products, institutions, and markets will continue to evolve rapidly.
Rules, especially global rules, which require due process before implementation, will inevitably be behind the curve. Using expert judgment to adapt present rules to a new environment will always be important. No amount of rules can guide the ideal response among economic entities, especially against unforeseeable future events.