CAN greater transparency prevent future crises? In October 1998, Bank of England Governor Mervyn King and I co-chaired the G22 Working Group on Transparency and Accountability to strengthen the international financial architecture. Today, the Group of 20 is also calling for greater transparency and regulatory reform. The International Monetary Fund (IMF) also calls for greater transparency.
Transparency refers to a process by which information about existing conditions, decisions and actions is made accessible, visible and understandable. The strange thing about this current crisis is that it happened in full transparency and completely in front of everyone.
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