It provides a strong incentive for us to meet the objective and to be accountable. Taken together, these are the characteristics of effective, modern central banking. But I think that one can go further and say that these characteristics are useful principles that apply to the broader realm of public policy making.
Let me now turn to the topic of IMF renewal, and talk about how these same principles can be applied to the task at hand. Principle-based renewal at the IMF The place to start is clear objectives and effective tools for achieving those objectives.