My instinct is that the volume of these decisions is considerably greater in supervision than in monetary policy. It will therefore be important that clear and efficient decision-making procedures, with clear accountability, are put in place. Second, it is important that supervisory practices and procedures converge quickly into a common approach.
In 1999 GDP growth came out at 3%, exceeding expectations. Yet, this overall pattern masks a number of risks and uncertainties. The motor driving the exceptional US economic performance - at the same time the motor driving the world economy - is in danger of becoming overheated. Southeast Asia recorded a rapid recovery from the financial crisis, but the Japanese performance remains weak.