It is clear, then, that the world needs a global approach to financial stability. We are seeking a new balance between market discipline, transparency and stricter regulation of the conduct of financial institutions and market participants. In our second session tomorrow a panel will deal with some of the financial market issues.
At this forum last year I outlined the effects of the financial crisis on the Australian securitisation market and the prospects for securitisation in the post-crisis environment. At that time my assessment was, as it still is now, that securitisation assists in the efficient distribution of risk across the financial system and should have a role in the financial architecture going forward.