•  Another important element, particularly in dealing with debt defaults by banks and corporate entities, is the development of appropriate insolvency laws at a national level, equipping national judicial systems to administer these laws and facilitating effective cross-jurisdictional enforcement.
Let me conclude by thanking M. Trichet for his address and for providing us with some new perspectives on issues relating to reforms of the international financial architecture. I am sure we can all agree that the issues are complex and that there are no easy solutions to be found.