Cindy Mok from the Monetary Authority of Singapore (MAS) has made a major contribution to the process, and is very much the person you should speak to in the Singapore market about the Code. The central banks of China, Hong Kong, Japan and Korea, as well as my country, Australia, are the other Asian central banks on the group.
The measures implemented after the crisis have contributed significantly to mitigate some of the vulnerabilities that precipitated it. However, the challenges arising from macrofinancial linkages have not disappeared, and in fact a number of new risks have emerged. Let me touch briefly on some of these issues.