With the deepening of the reform, some positive changes are taking place in terms of the overall financial environment.
And second, I have a firm conviction that macroprudential policy is an effective tool in curbing systemic risk. Let me go back here once again to the lessons of the Great Recession. It showed us that microprudential regulation and supervision alone are not enough to safeguard the financial system. It became evident that boom-and-bust cycles in asset prices required additional instruments.