There remains thus scope for more rigorous attention to the issues of adequacy of capital and provisions by auditors. Going forward Accounting standards and accounting statements were not geared to take into account the compulsions of the risk-return trade off. To some degree, the post crisis reforms to accounting standards are addressing this.
These reforms have a positive effect on our desire to keep prices reasonable and steady, the fiscal system sound, and the economy efficient and competitive. On inflation, let me remind you that everyone benefits from reasonable and stable prices, especially the fixed-income earners and the poor. That is why I support the three pieces of legislation aimed at liberalizing our economy.