That is why financial leaders have been debating the causes of the recent crises and possible remedies in a variety of fora. Some remedies are ready for implementation. Others need further study. Not surprisingly, the words transparency, good governance, openness, and accountability echo throughout. On transparency and standards , much progress has been made.
Transparency can enhance economic performance in a variety of ways.
It encourages a more widespread discussion and analysis of policies by the public. It enhances the accountability of policymakers and the credibility of policies, thus contributing to good governance. And it facilitates the orderly and efficient functioning of financial markets. On financial sector strengthening , the incorporation of the Basle Core Principles into the regulatory framework for the banking system is being encouraged by the IMF, the World Bank, and other agencies, and we are actively helping countries to improve supervision and reinforce their financial institutions. But the Asian crisis brought home the need to liberalize in an orderly, properly sequenced manner, carefully married to a strengthening of domestic financial systems.