Reports on the International Financial Architecture - Synopsis of comments received on the reports

Preface

In response to the international financial crisis that began in Asia and subsequently spread to other continents, finance ministers and central bank governors from a number of systemically significant economies commissioned three reports on strengthening the international financial architecture. The first report focused on enhancing transparency and accountability, the second on strengthening financial systems, and the third on managing international financial crises. The reports were published in October 1998, and interested parties in the private and official sectors were invited to provide comments.

Written comments were received from a number of interested parties, including non-governmental organisations, public sector officials, academics and students. In addition, some individuals, groups and private firms responded to the reports' recommendations through their own studies, without explicitly providing comments to the secretariat. The concerns and suggestions of those who provided written comments as well as those whose studies have come to the attention of the secretariat are summarised in this document (see the annex for a list of contributors).