As EMEs, we need to stay on course to achieve a stronger, deeper, and more sustainable integration in global trade and financial markets.
I mention this not so much to emphasize the scale of the problem as to dispel any impression that the policy and shareholder response in restoring capital levels might have grossly low-balled loss estimates. Yet investor confidence has been slow to recover fully. In part, this doubtless reflects the conventional observation that credit and confidence are lost quickly and recovered much more slowly.