We must then ensure that compliance with them is observed. Having accepted that, we must however concede that the current global financial crisis which started in the US was not a result of non-compliance. In the case of the sub-prime crisis, other deficiencies were more important.
Consequently, our role and responsibilities as central bankers are fundamentally the same in the globalised economy, but the performance of our tasks may be becoming more challenging. Having said that, I would agree that other pertinent issues raised by Alan deserve careful consideration. VI. Concluding remarks Clearly, there are many questions still to be answered, and challenges to be addressed.