Nowadays this is an ‘early intervention’ measure: unlike in the past, when searching for possible solutions was an essential part of the special administrators’ work, this measure can only be taken when there is a prospect of recovery; otherwise liquidation is inevitable. This is a very fine line, and we are extremely careful as to how we tread it.
*** At the same time as we are dealing with the current crisis, we also need to look ahead and strengthen the functioning and resilience of the international financial system. A reform agenda for this system will need to comprise many elements. I would like to reiterate three principal elements that I consider fundamental.