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The years from 1992 to mid 1995 were marked by a series of crises in international financial markets. This report discusses how the control and management of financial risk have been strengthened by efforts in the official and private sectors in major industrial countries, and goes on to survey developments in international financial markets. Also considered are two policy challenges, the resolution of which is essential for the stable evolution of the international financial system. Firsty, how to extend the supervisory and regulatory practices developed under existing Group Ten multilateral arrangements to include the growing number of emerging market countries, and secondly, how to reduce the potential for disruptions in the global foreign exchange market.