I would like to express my sincere gratitude to our keynote speaker, Dr. Emanuel Mönch, Head of Research at the Deutsche Bundesbank, and also to BIS General Manager Agustin Carstens and Head of Research Hyun Song Shin, who will join us tomorrow. Let me also thank all of our distinguished moderators, speakers and discussants.
Arguably it was the framework of international policy coordination through the G20 Summit that made it possible to overcome the global financial crisis earlier than anticipated and allowed the swift introduction of Basel III. On the other hand, there are a number of obstacles that stand in the way of the seamless conduct of surveillance and policy coordination.