The themes that were right in 1994 are right today. The 1990s has been no lost decade. But the 3 percent average growth that has been achieved since 1991 has not been enough to make real inroads on poverty in many countries. Losing that dismal distinction will mean completing the first generation of reforms in those countries where inflation is still in double digits and poor macroeconomic policy still stifles investment and growth. But as we have learned these past few years, that is not all it will require.
Markets are important.
But they are not enough. Let me applaud, in this context, the IDB's increased emphasis on good governance and capacity building in its operations, particularly in helping countries build sound judiciaries. III Promoting Strong and Open Regional Finance Integration is about much more than trade. It is about companies investing in new markets and profit-making opportunities. And it is about safeguarding the stability of the systems into which that capital flows.