, which were adapted after hearing their input. other federal reserve partnerships with indian country include initiatives on access to credit ; native community development financial institutions ; financial education programs tailored to early childhood, secondary, and higher education ; workforce development ; housing ; social services ; and elder programs. and as part of our ongoing effort to deepen our understanding of tribal economies, last year, the federal reserve board announced that we had joined the central bank network for indigenous inclusion, along with the reserve bank of new zealand, the bank of canada, and the reserve bank of australia. this is part of our commitment to learning best practices and expanding our international partnerships with central banks that are similarly invested in supporting indigenous people and communities. - 3the federal reserve works for all of us, and our research and analysis must reflect the specific needs and circumstances of all of our communities. i am grateful for our partnership with the national center for american indian enterprise development, and i want to thank you, as well as all our colleagues, advisors, and stakeholders who help us work toward a stable and inclusive economy for all. thank you.

for these effects we cannot predict future asset price movements and we certainly cannot seek to control them. they remain a major source of uncertainty. they also, of course, represent a major potential threat to financial stability which is a necessary concomitant to monetary stability. in the rest of my remarks i should like to comment briefly on the evolving international consensus on the approach to maintaining financial stability. the 1994 madrid declaration, to which i referred earlier, had already welcomed " the growing trend towards currency convertibility and encouraged imf member countries to remove impediments to the free flow of capital. " one might have supposed that the subsequent eruption of the asian financial crisis – which was certainly aggravated, if not provoked, by volatile international capital flows – might have resulted in something of a reaction to further evolution in that direction. in fact, in the midst of the turmoil, in september 1997, the imf's interim committee confirmed the consensus view that : " private capital flows have become much more important to the international monetary system, and an increasingly open and liberal system has proved to be highly beneficial to the world economy. by facilitating the flow of savings to their most productive uses, capital movements increase investment, growth, and prosperity. " in other words, while markets may not be perfect, they are in general the best means we have of allocating financial resources efficiently. the impact of the crisis was instead to give fresh impetus to defining and establishing the conditions that are necessary for financial markets to function more efficiently, and that would help to reduce the risks of and limit the damage from, volatile shifts in market sentiment, with their potentially disruptive effect on both economic and financial stability. it goes without saying that macro - economic stability is our first line of defence. but, beyond that, a huge amount of work has been undertaken in a variety of international fora to develop codes and standards of best practice in a whole range of more specific areas relevant to improving the functioning of the international financial system. the imf has produced codes of good practice on data dissemination, on transparency of monetary, financial and fiscal policies, and guidelines for public debt and reserves management. the main basel committee has put forward proposals for revising its capital accord designed to align regulatory capital requirements more closely with economic capital and has drawn up core principles for effective banking supervision. the basel committee on payments and settlement systems has developed core principles for systemically important payments systems. the international organisation of securities commissions has developed objectives and principles for securities regulation