In addition to our own rulemakings and studies, we have been providing technical and policy advice to the Treasury Department as it works to establish the oversight council and the related Office of Financial Research. We are working with the Treasury to develop the council’s organizational documents and structure.
The devastating effects of the crises can be illustrated by a few statistics from some of the affected countries. According to a recent World Bank report, prices of key commodities, such as rice, increased by 25 per cent or more in Indonesia, leading to food riots and major demonstrations against the Government.