As John Williamson explained long ago it is impossible to have “an immaculate transfer” from capital inflows to current account deficits.3 National supervisors found it impossible to contain these developments because they had to respect the single market rules and lacked the macro-prudential tools to offset the effects of large capital inflows.
Thank you, and I believe Daragh has a few words to get us started. 2/2  BIS - Central bankers' speeches