- regulation are sufficient to ensure global welfare. we have seen that improvements are needed to preserve the safety of the global economic and financial system. these improvements concern rules of the game and procedures, but they also concern attitudes and underlying values. countries have to recognise the global impact of their policies and financial market players have to accept that the prime purpose of the financial sector is to serve the real economy. second, more than in the past, global governance must demonstrate a capacity to coordinate and decide extremely swiftly. a characteristic of the turbulences that intensified in september 2008 was the extreme rapidity in the succession of events as the crisis unfolded. the very high degree of interdependency between all economies calls for a much higher level of cooperation than in the past. third, the crisis has rightly accelerated the inclusion of emerging markets into the framework of global governance. but there are two reasons for this change. one is positive : the emerging economies are now economically and financially so important, and systemically so influential, that they must be fully involved in global governance. i hesitate to unveil the other reason that is not flattering for industrialised countries : they did not live up to their responsibilities prior to the crisis. now, the industrialised countries are called on to contribute to the stability and prosperity of the global economy within the new, more inclusive framework. looking ahead, we see that the global recovery has started to proceed at different speeds across regions, with a relatively modest recovery in advanced countries like the united states, japan and the euro area and a stronger expansion in the emerging economies. and yet, there is no time for complacency as recent tensions in financial markets have amply demonstrated. let me stress that it is important that the recovery should be measured in broader terms than the simple resumption of gdp growth and a return to sustainable fiscal positions : it means a full restoration of trust in our financial institutions ; it requires the healing of wounds inflicted by the irresponsible behaviour of some financial players on our societies and on the real economy ; and it requires renewed confidence that global governance is strong, broad and flexible enough to ensure global economic and financial stability and resilience in the future. thank you for your attention.

governance structures of existing international institutions are being strengthened, existing informal fora adjusted and new fora developed. third, the system is moving decisively towards a much more inclusive system of global governance, encompassing key emerging economies as well as the industrialised countries. the acknowledgment of the increasing role of emerging economies is a trend that predates the recent crisis. but the crisis has made it even more pressing. although emerging countries have also been immediately affected, they have rapidly become a source of strength for the world economy. in 2009, the contribution of emerging countries to global growth was 57 %. in the same year, they represented roughly one third of world gdp at market exchange rates ( 31 % ), and close to a half using ppp rates ( 46 % ). there are several examples where these three trends become apparent : the emergence of the g20 as the prime group for global economic governance is probably the most prominent example. it provided policy impulse and took decisive actions during the crisis. it is now making the transition from crisis resolution to crisis prevention. this is the purpose of its framework for strong, sustainable and balanced growth. its primary goal is collectively to implement coherent and medium - term policies to attain a mutually beneficial growth path. since this process is fully owned by the g20 members, and involves heads of state and government, it also confirms the strong commitment at the global level to more multilateralism in economic decision - making. a second example is the designation of the global economy meeting ( gem ) as the prime group for the governance of central bank cooperation. this forum includes central bank governors from all systemic emerging economies. i currently have the privilege of chairing the gem, and find the candid exchange of views at our bi - monthly meetings of enormous value. and a third example is the reform and the expansion of the financial stability board ( fsb ). it now includes all the systemic emerging market economies, largely overlapping with the g20. its mandate has been enhanced to strengthen the international financial architecture and global financial stability. the fsb assesses vulnerabilities affecting the global financial system and reviews the regulatory, supervisory and related actions needed to address them. 3. insights from the crisis let me draw to a close. looking ahead, and distilling insights from the financial and economic turbulence of recent years, i would like to stress three points. first, the crisis has shattered previously held convictions that “ keeping one ’ s house in order ” and self