And market involvement can do more than help to shape the form of the solution. Implementation of the reform is also likely to be much easier if it is on the basis of an agreed solution rather than one that is imposed. Such a solution necessarily includes a full agreement of the regulators of the internationally most used currencies.
Although we are here today to discuss some of the immediate economic and financial implications of that tragedy, we are all too aware that the topic we discuss will be a mere footnote. The terrorism of September 11 will, doubtless, have significant effects on the U.S. economy over the short term.