BERNARD J. LAURENS is currently Deputy Chief, Monetary and Capital Markets Department, International Monetary Fund, US. He began his career in the IMF in 1992. During his tenure, he has been extensively involved in domestic and external financial sector issues, and modernization and liberalization of countries monetary frameworks and exchange and capital account issues. He has authored several articles and publications on monetary and financial sector issues. Prior to joining the Fund, Bernard Laurens worked for the Bank of France. He also holds a degree in economics from the Institut d'Études Politiques of Paris.   MARCO ARNONE is Adjoint Professor of Economics and Finance of Emerging Markets (University of Eastern Piedmont) and Director of CeMaFiR, Italy. He has worked as an economist in the IMF's Monetary and Financial Systems and African departments, and has taught at Milan's Catholic and State Universities. Recent publications include: Primary Dealers in Government Securities (IMF 2005), Venture Capital for Development (V&P 2006), Banking Supervision: Quality and Governance, and Financial Supervisors Architecture and Banking Supervision (EE 2007), External Debt Sustainability and Domestic Debt in Heavily Indebted Poor Countries (RISS 2007), Central Bank Autonomy: Lessons from Global Trends (IMF 2008).    JEAN FRANÇOIS SEGALOTTO is a research fellow at the Centre for Macroeconomics& Finance Research (CeMaFiR), Italy. His research work and interestsfocus on monetary economics and institutions. Publications include: Central Bank Autonomy, Macroeconomic Performance, and Monetary Frameworks: a Global Comparison (Rubbettino, 2005); Measures of Central Bank Autonomy: Empirical Evidence for OECD, Developing, and Emerging Market Economies (IMF 2006); Central Bank Autonomy: Lessons from Global Trends (IMF 2008).