Thailand devalues its currency, marking the start of the Asian financial crisis. Only when these and other policies are in place will countries be able to reap the full benefits of globalization. Korean financial crisis begins. Finance Ministers endorse efforts that would enhance surveillance of financial sector supervisory regimes, including the use of peer reviews.
Fund collapses in the United States.
Interest rate cuts in the United States, Canada and Europe contribute to calmer financial market conditions. The establishment of the NAB had been one of the major outcomes of the 1995 Halifax Summit. This is consistent with Canada's calls for improved financial sector regulation and supervision. Canada calls for more representative institutional arrangements for discussing reforms to the global financial architecture. Leaders endorse G-7 Finance Ministers' Report to Heads on Reforming the International Financial Architecture.