It is important for those economies individually and for all of us collectively. One element of the follow-up to the Lyon summit that is especially fitting in the context of my earlier remarks has been efforts to enhance market transparency, including more - and more meaningful -- public disclosure.
Meaningful public disclosures by firms about the BIS Review 46/1997  -4-  nature of their risk exposures and their procedures for managing those risks contribute significantly to the constructive role of market discipline. Not surprisingly, the market itself is probably the most powerful source of pressure for improved disclosures. I might mention one specific accomplishment related to market transparency.