To reform the global financial architecture, Treasury Secretary Robert E. Rubin said, the capital flowing into developing countries must be curbed and creditors must be held more responsible for lending decisions.

"The role of the private sector in resolving crises is one of the most complex issues that we currently confront," Mr. Rubin said on Wednesday in a speech to the Johns Hopkins University School of Advanced International Studies. "Yet market discipline will only work if creditors bear the consequences of the risks that they take."

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