Little did you know back in June 2007, when the invitation was extended, that the recent financial turbulence and volatility would provide such an important backdrop to my reflections on the subject today. I need not remind this audience that we are still some way away from having the full benefit of hindsight on the ongoing turmoil in global financial markets.
Both private and public institutions across the globe are still deeply immersed in tackling all the consequences on the financial system of the continuing process of financial deleveraging.