First, the experience and lessons in the international context differ from country to country, and different countries differ considerably from each other as well. For instance, the British and US models differ immensely from the Continental model in Europe and from the Korean and Japanese models, which needs further analysis, judgment and selection.
*  *  *  The presentation of this report on the operations of the Bank during the fiscal year 2003/2004 is in accordance with Article 48 (1) (b) which requires the institution to transmit such a report to each of the Participating Governments and to publish it.