Such reform is also crucial for promoting stability in the world economy and global markets. Needless to say, efforts by the international community and individual countries have led to significant progress on this front. Many countries are in the process of enhancing transparency in their respective economic system, and there is a growing consensus for the need to properly monitor and regulate short-term speculative capital flows. Most of all, the establishment of G-20 was a milestone in these efforts, as it created a channel for conveying the perspectives of emerging market economies. While we welcome these clear signs of progress, most of the reforming efforts so far have not rendered tangible results.
Many areas still have ample room for further progress.
The first concern is that the international community has lost its enthusiasm for reforming the international financial system as conditions improve in crisis-affected economies. But despite such recent improvements, let s not forget that it takes more than strong macroeconomic performance to ensure a sound and stable global financial system. In this sense, the international community must not lose its resolve for carrying out this important task. Secondly, and perhaps more importantly, I would like to draw your attention to the fact that main dialogues for reform have been led by the G-7 countries. And, as such, views of emerging countries have been often overlooked.