In fact, to this end, vigorous and systematic efforts have been made in the international community, resulting in a plethora of fora, reports and proposals. It is indeed an encouraging development that many international committees are striving to discover and improve weaknesses inherent in the global financial system, and experts of the Financial Stability Forum have been double-checking such efforts.
We must thus ensure that the results obtained from these precious efforts are implemented by the authorities of each country and market participants, and in this context I agree to the point made by many that appropriate incentives are needed.