I would also like to congratulate the organizers for putting together a very comprehensive agenda, going beyond the nitty gritty of central bankers’ immediate concerns – implications  2  BIS Review 126/2007  of capital flight for monetary policy and macroeconomic volatility – to address other key issues such as: •  the causes and determinants of capital flight;  •  estimation of capital flight and methodology;  •  the link between external debt and capital flight;  •  implications of capital flight for capital market development;  •  implications of capital flight for banks and corporate performance;  •  implications of capital flight for investment;  •  the theoretical foundation of capital flight;  •  mitigation of capital flight through institutional strengthening;  •  expected benefits of capital flight repatriation;  •  implications of current international financial architecture for capital flight.
I very much welcome the focus of this learning event on the role that the international financial architecture has played in the current asymmetric flows of resources from capitalscarce regions of the developing world, and especially from Sub-Saharan Africa to higherwage areas in the more advanced economies.