Transparency and standards and codes are not the only elements that have been implemented to improve domestic policy-making, especially in emerging market economies, and to make them more resilient to shocks. The debates about sustainable exchange rate regimes, prudent and sustainable debt management and well-sequenced capital account liberalisation are just some examples of areas where important lessons have been learnt.
In addition, in response to the growing importance of financial markets, there is an increased focus in the policy advice given by the IMF and the World Bank on financial sector policies and on vulnerabilities in domestic financial systems. To sum up, I believe that the considerable progress made should help to reduce the frequency and severity of crises.