We should continue to press ahead with reforms to avoid abrupt changes in financial market sentiment. And we can only acknowledge that for some of the G20 members this improvement in financial markets has not yet found its way through to  BIS central bankers’ speeches  1  the real economy.
However, I have already exceeded the number of issues than can be conveniently addressed in ten minutes. Let me conclude by noting that the recent market developments have not only revealed weaknesses and challenges to be addressed, but also the strength of some of the institutional arrangements in place.