It  2  follows  that  gy = gq (GDP/GNP) + (gPx - gPd) (X/GNP) - (gPm - gPd) (M/GNP) + dN/GNP = gz (GDP/GNP) + (gPm - gPd) (X - M)/GNP + dN/GNP, since gz = gq + (gPx - gPm) X/GDP.
Institutions with long transition periods could be treated leniently. Don’t worry, we are tough. It’s not our job as supervisor to prevent banks from leaving the market. In other words, we aren’t here to ensure the survival of each bank. We are here to react promptly to risks.