Temporary factors could still affect price developments for some months to come: health concerns related to meat consumption and the consequences of the outbreak of foot-and-mouth disease could continue to affect unprocessed food prices. Furthermore, pass trough of past rises in oil prices and the depreciation of the euro are likely to affect price developments for some months. Let me now turn to the question of International Financial Architecture. Impressive progress has been achieved in the recent years to reinforce international financial stability and to enhance prevention. We must continue our efforts toward further progress as regards the reform of the financial architecture. I also think that fruitful lessons can be drawn from the assessment of the new characteristics of financial markets and their impact on financial stability. 1. We must pursue and reinforce our efforts towards a renewed international financial architecture. These efforts should tend to improve prevention and management of financial crises. 1.1  Strengthening prevention  Strengthening prevention calls for parallel efforts from all actors, international financial institutions, investors and public authorities. Prevention lays on appropriate surveillance and adequate macroeconomic policies. 1.1.1  As regards surveillance, much progress has already been achieved:  -  In the institutional field, important changes have recently occurred: let me mention the impressive work carried out by the Financial Stability Forum in 1999 (e.g. reports on Highly Leverage Institutions, Capital flows, Incentives to Foster Implementation of Standards). I could also quote the work of the G20 or the International Monetary and Financial Committee.
It would have been extremely foolish if the Eurosystem had not exploited the accumulated wisdom and experience gained from the long and distinguished history of these institutions and those of the other NCBs. As I have argued today, both the Eurosystem’s strategy and its operational framework have exploited this wisdom to the full, while recognising the new and different challenges faced by the single monetary policy in the euro area. Let me therefore finish by again congratulating the Bank on its bicentenary, by expressing my gratitude to all those who have dedicated their time and effort to the achievement of Monetary Union and, finally, by wishing the Bank another 200 successful years - and more - as an important and vital component of the Eurosystem. 5  BIS Review 44/2000