Transparency in the private sector is also crucial, as recent corporate scandals have again highlighted the crucial role that accounting standards play in this respect. I consider that the progress made in the field of transparency after the Asian crisis is one of the main reasons for the absence of contagion in Latin America and the emerging world following the Argentine crisis.
I believe that enhanced transparency helps investors to differentiate better between countries and that the countries’ efforts to adhere to international standards and codes are well reflected in the markets’ assessment of these countries.