Moreover, the development of a robust fiscal framework and the accumulation of a track record of national compliance may facilitate effective counter-cyclical national fiscal policies during future downturns, since cyclical loosening should not give rise to concerns about long-term sustainability under such conditions.
But I trust that we also do not overlook that facet which is underpinning all of them. Heightening financial inclusion necessarily requires high standards of financial consumer protection. Connecting saving with retail investments and trust products as a way to organize one’s preparation for retirement certainly leaves uncertainty on the table. There is uncertainty across products, across risks and across time.