The transformation already achieved in the region's economies is truly remarkable. And it has been achieved far more quickly and with far less turmoil than many seasoned observers would have believed possible This relatively smooth transformation is testimony to the courage and vision not only of the region's political leadership but also of its citizenry. As many of yesterday's speakers pointed out, however, the agenda of liberalization in the hemisphere is not completed. In some ways, the challenges facing the region today are bigger and harder than in the past, since liberalization today involves not just changing policies but building institutions to administer and make truly effective the new market-based policies. Privatization, for example, will not always produce the expected beneficial results unless there is honest and effective administration of competition policies and above all transparency in the privatization process.
Tax reform means little unless taxes are collected consistently and honestly.
And obviously it takes years of sustained effort to build bureaucracies which are truly efficient and effective. In this connection, I want to give particular attention to one extremely important step already taken by this hemisphere to build more effective governments, stronger democracies and prosperous economies. This hemisphere has the world's first anti-corruption convention, already signed by 23 countries. The agreement was the result of an extraordinary new consensus that trust is important not only in creating a healthy society but also in hard business terms. The ability of citizens to trust their government officials to put the public interest above personal gain is a powerful support for democracy and political stability.