This is the report of the working group established in April 1999, under the chairmanship of Mr M Draghi, Director General, Ministry of the Treasury, Italy.
Its mandate was to:
evaluate policies and practices for reducing the risks associated with the build-up of short-term external indebtedness;
identify sources of unwarranted bias in favour of short-term capital flows;
recommend improvements to the adequacy and timeliness of capital flow data; and
evaluate other measures to reduce the volatility of capital flows.
The report markes detailed recommendations with respect to:
risk management by financial authorities and institutions;
transparency and better disclosure of information; and
