13  See the Institute of International Finance (IIF) et al., Principles for Stable Capital Flows and Fair Debt Restructuring in Emerging Markets, November 2004.
BIS Review 47/2005  5  These three major improvements - namely fostering transparency as a major strategic driver, focusing on a more systemic conceptual approach, in particular, through the Financial Stability Forum, and developing improved global ownership, in particular, through the establishment of the G20 - have contributed to an international financial system which is more resilient than before.