Recent debates at the Board of the IMF reflect that revisionism, with a new willingness to accept that capital account liberalisation carries risks and needs to be managed. Discussion tends to focus on issues of the speed and sequencing of capital account liberalisation, and on the role and effectiveness of capital controls.
Most of the activity is concentrated in the overnight segment and a robust term money market continues to elude us. There is some trading in the treasury bills, but activity in the CPs and CDs is confined to primary issuances. 2/5  BIS central bankers' speeches  4. The interest rate derivatives market also continues to be lackluster.