At the same time, we should recognize that regulation must not impede the growth of the financial services sector. The ultimate goal of regulation should be the creation of a sufficiently flexible financial system that is able to smoothly absorb internal and external shocks.
In my remarks today, I would like to focus on how we design systems that will prevent the recurrence of financial crisis, and consider this from a broad perspective that is not bound by established concepts and approaches. Obviously, the design of desirable policies and regulations requires a deep understanding of what is behind the crisis.