They need to have an informed view of how markets and policy makers in other countries are likely to react, before they decide which domestic policies are likely to prove sustainable – and they need to ensure that their policies are robust to possible shifts in other countries policies. The key political risk at present is of course protectionism – not just the possibility of bilateral restrictions, but of a fatal lack of momentum on the Doha round. This could be a material consideration in almost any scenario created by financial market pressures. BIS Review 3/2006  3  All these risks underline the need to greatly improve the standard of dialogue on international economic issues. The quality of analysis needs to improve, the right countries need to participate in the debate, discussions need to be franker, and their outcome needs to be communicated clearly. Getting these things right will be tricky but the need for reform is growing. So I am sure we will need to address these issues soon. As to how we do it? That's for another day. 4  BIS Review 3/2006
This campaign succeeded thanks to the support of Jean Claude Trichet, Cristián Noyer, Tim Geithner and especially Jean-Pierre Roth. As a result of this campaign, aside from Chile, countries like Norway, Denmark, Greece, Finland, Israel and New Zealand were able to also integrate the discussion on the global economy. Those meetings gather central bank governors of the main economies of the world, and are a great opportunity to be updated on the evolution of the global economy and strengthen the networks for interaction across central bankers. Internationally, I must also mention the great recognition that has the work of our Central Bank in other central banks and in international forums. Dear Board members, executives and all the staff: I want to tell you all that I am deeply grateful for having had the opportunity to serve my country from this position. It has been a true privilege, especially for the opportunity that provided me to strengthen this institution and in this way to contribute to build the great reputation that this institution has today in the country and elsewhere. Traveling abroad as the Governor of the Central Bank is a great satisfaction because of the way our country is seen and respected. I have been the recipient of frequent praise for our country and for this Central Bank, which is the merit of each and every one of you.