Only 39 countries post their economic statistics on the IMf's new electronic bulletinboard. Worse, much important information is simply not collected, or collected too late. Aggregated information on firms' foreign indebtedness, for instance, simply does not exist. Sorting out these statistical shortcomings is an obvious priority. Policing the banks A second reform to reinforce capital markets is better regulation.
Banks are uniquely vulnerable institutions, capable of wreaking havoc if inadequately supervised.
For many observers, however, East Asia's crisis shows that more needs to be done. Perhaps the standards of financial safety themselves need updating. A decade on, they look inadequate and arbitrary. The minimal capital necessary for safety in a developed banking system may be insufficient in volatile emerging markets. Others go much further, arguing that a global capital market needs global financial regulation, not a hotch-potch of national supervisors of varying quality.