In other  3  BIS Review 84/1999  words, it is becoming important for each market participant, including firms, financial institutions and sovereign states, to recognize the role of market discipline, and, at the same time, lay down rules and practices that are compatible with the globalizing markets.
Central banks and international financial crises In the international financial community, governments, central banks, financial institutions, and the academia are now engaged in a hot debate over the reform of international financial system, including exchange rate regimes and short term capital flows.