Faced with open and competitive markets, the strengthening of cooperation helps to forestall crises, increases the efficacy of corrective action. Effective action by central banks, supervisory authorities and the IMF is a first response to the new problems of monetary and financial stability raised by the globalisation of markets; it may require more certain and firmly based international institutional arrangements. BIS Review 110/1997
You are leading a nationwide initiative - the “Building Futures Program” - to promote economic and financial literacy among Canadians. We at the Bank applaud your efforts. Ladies and gentlemen, thank you very much for being here tonight. Your presence and your friendship over the years is my greatest personal reward. 4  BIS Review 47/2003