In terms of giving out policy advice, the Fund's role would be more relative. If private lenders become more important, borrowing countries would be inclined to listen to what the market wants. The Fund is facing formidable competition, but I think it can build on its excellent reputation.
I am especially looking forward to the efforts currently underway to enhance the Fund's work related to financial issues. Meanwhile, as I noted a moment ago, Fund lending will be necessary only when there is a rapidly unfolding crisis of considerable magnitude. We should, therefore, consider if the current rules for releasing Fund resources could appropriately cope with such a situation.