Over the past year, the global environment has changed at a rapid speed as both new trends and new strains have emerged. The Principles have proven to be of continued if not increased relevance in this changing global environment. The market turbulence witnessed in August and subsequent fallout has solidiﬁ ed the importance of having good communication among and between market participants and authorities. A reemergence of market strains in recent months fueled by a heightened level of uncertainty underscores the need for more and better information and transparency, particularly with the increasing complexity of ﬁ nancial instruments and investment vehicles. In these circumstances, the adaptability of the Principles has become a proven source of strength as they are based on a ﬂ exible framework covering the core pillars of transparency, dialogue, good faith and fair treatment.
Support for the Principles is exempliﬁ ed by the broad participation and rich discussion at a roundtable discussion in Washington on Deepening Access to International Capital Markets: The Roles of Issuers and Investors. Senior ofﬁ cials from 15 emerging market countries and a number of leading industrial countries, senior IMF management, and leaders from the private creditor and investor community participated in the discussion. The audience included ofﬁ cials from a range of countries, including Brazil, Chile, Hungary, Indonesia, the Philippines, South Africa, and Turkey, as well as a diverse group of market participants from investment banks, hedge funds, pension funds, and other institutional investors.