The crises of the 1990s have shown the importance for a prudent sovereign debt management, effective capital account liberalization, and management of domestic financial systems.

Private financial institutions and market players can now contribute to financial stability by managing their businesses well and avoiding unnecessary risk-taking.

As financial stability is a global public good, governments and regulators also play a key role in it. The scope of this role is increasingly getting international.

The IMF is a key role-player as well. Its global surveillance initiatives to enhance its ability to manage international financial stability must also stay in track.