"...There is still much to do in reforming the international financial architecture if the chance of recurrence of the type of contagious financial turmoil that occurred in Asia in 1997-1998 is to be minimised. There have been a lot of discussions within the three international financial institutions and in many international financial forums since the crisis erupted about how this is to be done. Many useful suggestions on actions to be taken have been put forward and agreed. They now have to be implemented. They have to be incorporated into the programmes of structural reforms in individual economies in this region where the crisis started, and in economies in other regions. And one important objective of all this is to ensure that national and regional initiatives towards reform are consistent with global standards. Hong Kong has been very active in participating in the discussions and promoting global financial reform. Hong Kong also meets the highest of the global standards in financial management and the supervision of financial activities. We set a very good example for others. The presence of the leading international financial institutions in Hong Kong will enable Hong Kong to play an even more significant role in the promotion of global financial stability."
2 November 2000