Just as an analytical risk-management framework is fundamental to the safe and sound operation of large banking and financial institutions, it is also, I believe, essential for sound monetary policy-making. The Federal Open Market Committee recently announced that it will increase the frequency and expand the content of its economic projections.
In the past, U.S. firms were seen as providing the role model for corporate governance. However, in the wake of a series of incidents such as the failure of Enron, they too appear to be entering a new phase of corporate governance.