Comments on “Private sector involvement in crisis resolution and mechanisms for dealing with sovereign debt problems”

But before turning to crisis resolution, I want to talk a little bit about private sector involvement in crisis prevention. This is an area where there has been a lot of progress, in particular in terms of adoption, assessment and implementation of international standards. We have also seen a lot of progress in terms of the emphasis placed on improved transparency. And we have seen progress in terms of surveillance by the IMF and by others – for example, in terms of an emerging consensus on exchange rate arrangements that are less risk-prone.