Group of Ten Communiqué: Improved Crisis Prevention and Management Requires Private Sector Involvement

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The Finance Ministers and Central Bank Governors of the Countries of the Group of Ten met in Washington on the fourth October 1998, under the Chairmanship of Gordon Brown, Chancellor of the Exchequer of the United Kingdom. They took note of reports from Mario Draghi, Chairman of the Deputies of the Group of Ten; Michel Camdessus, Managing Director of the IMF; Lawrence Summers, Chairman of Working Party III of the OECD [Organization for Economic Cooperation and Development]; and Andrew Crockett, General Manager of the BIS [Bank for International Settlements].

Ministers and Governors considered the topic of improved crisis prevention and management. They stressed the importance of the timely and substantive involvement of the private sector in the resolution of international financial crises. They noted the need for the disclosure of timely, comprehensive, and accurate information to promote the smooth and stable operation of markets and to increase the accountability of decision makers. In that context, they called for the release of comprehensive information on net foreign exchange reserves. They also called for further efforts to achieve rapid improvements in disclosure by the private sector. They reiterated the importance of efforts in both developed and emerging market economies to strengthen financial systems. In particular, they...