I shall conclude my address today with a few remarks on the structure of the international financial architecture and its relationship with domestic price stability-oriented monetary policies. My view, which is shared by most members of the central banking community, is that the best international monetary architecture is one in which each central bank focuses on achieving price stability at home.
This does not mean, however, that individual monetary policies should function in isolation. On the contrary, the ongoing financial turmoil has shown the value of a timely and open exchange of information on an international level between central banks and regulators in the presence of increasing financial globalisation.