This is why many initiatives have been taken to strengthen the resilience of countries’ macroeconomic and financial performance and policies following the string of crises of the 1980s and 1990s. Reforms can obviously take many forms. But there are three guiding principles which, in my view, should always be kept in mind: transparency, good practices and dialogue. Allow me to take transparency first.
I also join President Duisenberg in specially congratulating the organizers--Ignazio Angeloni, Matt Canzoneri, Dale Henderson and Axel Weber. Both the Forum and this conference will focus on research. We central bankers have plenty of opportunity to talk policy in our various groups.