Put differently, the global public good of financial stability risks being under-provided if it is reliant on regional solutions. Indeed, access to some of these regional facilities is itself conditional on an IMF programme. Conclusion The international monetary and financial system has undergone a mini-revolution in the space of a generation as a result of financial globalisation. It has become a genuine system. This has altered fundamentally the risk-return opportunity set facing international policymakers: larger-than-ever opportunities, but also greater-than-ever threats. Dealing with these risks calls for turning the current “non-system” into one with an identifiable architecture. Measures to improve the monitoring and management of private capital flows and to augment and strengthen official sector financing facilities are important milestones towards this long-term objective. References Acemoglu, D., Ozdaglar, A. and Tahbaz-Salehi, A. (2013), “Systemic risk and stability in financial networks”, NBER Working Paper No. 18727. Barr, D., Bush, O. and Pienkowski, A., (2014), “GDP-linked bonds and sovereign default”, Bank of England Working Paper No. 484. Berg, A. and Krueger, A. (2003), “Trade, growth and poverty: A selective survey”, IMF Working Paper WP/03/30. Bernanke, B. (2004), “The great moderation”, remarks at the Eastern Economic Association, Washington, DC, 20 February. Broadbent, B (2014), “The UK economy and the world economy”, Speech delivered at the Institute of Economic Affairs State of the Economy Conference, London. Available at: http://www.bankofengland.co.uk/publications/Pages/speeches/2014/708.aspx  10  BIS central bankers’ speeches  Brooke, M., Mendes, R., Pienkowski, A. and Santor, E. (2013), “Sovereign default and state-contingent debt”, Bank of England Financial Stability Paper No. 27, November.

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