Working towards collaboration, innovation, and development In closing, let me say again the great importance of information sharing, policy coordination, and knowledge exchange not just to improve the effectiveness of policies but also to improve the way we do central banking. We must also embrace innovation and harness the power of technology.
One of the main lessons of the recent global financial crisis is that banks must improve their ability to manage risk, so they do not inflict serious damage on the economy. This calls for a stronger risk management culture within banks. This calls for stronger regulation and supervision within central banks and other regulatory agencies.