If we want to succeed right now in this very grave crisis we have to take bold decisions now and be equally determined in reassuring our fellow citizens in the medium and long run. We have to fight against short-termism. We have to improve transparency. And we have to eliminate pro-cyclicality. Fluctuations are normal in a market economy.
We have to accept fluctuations, otherwise we would have no market economy – we would be in the Soviet Union. On the other hand, it is extremely clumsy to amplify those booms and busts. We have to concentrate on augmenting the resilience of global finance.