I do see the enhancement of international cooperation as a seed towards success in policy preparation for our region. I believe that, in the middle of a dark tunnel, with each of us holding a torch focusing in the same direction, we could see better along the way and can be sure that it is the right way out. Thank you. 4  BIS central bankers’ speeches
Nevertheless, it should be stressed that the need for such a consensus is as great as before, since the reliance on accommodative policies of advanced countries has reduced their urgency for structural reforms and complicated the conduct of policies in emerging market economies. If the current stalemate were allowed to continue, there is a risk that the global recovery would not be sustained and the functioning of the IMS could become disorderly. In this context, the theme for this year’s IMFC Plenary, “Global Challenges, Global Solutions” holds special significance. Fund surveillance 3. We look forward to the upcoming 2011 Triennial Surveillance Review (TSR). To avoid duplication, an independent opinion of the gaps in the Fund’s surveillance framework can already be found in the IEO report on the Fund’s performance in the run-up to the crisis. The IEO has identified several weaknesses in the Fund’s culture that impedes effective oversight, such as a silo mentality amongst departments, fear of reprisals that inhibit candid views, and a lack of evenhandedness in the treatment of members. Instead of searching for a new legal framework for surveillance, the Fund should concentrate its efforts on how best to implement the IEO recommendations. While the IEO report focuses on dealing with risks in the financial sector, we wish to highlight that surveillance should also focus on fiscal and/or debt sustainability problems, from which the next crisis could emanate.