Dr Ganti Subrahmanyam noted that this conference is being held after 10 years. As you are aware, substantial reform has occurred in the financial sector in the last 9 to 10 years. Obviously we have had to undertake a lot of day to day fire-fighting as we moved ahead in the reform process.
There are other important features that deeply affect the functioning of the international monetary system: the role and effectiveness of international institutions; the multilateral surveillance process; the available mechanisms for creating international reserves; international trade rules and the mechanism for resolving trade disputes; and the regulatory framework for international financial markets.