It is only in such an environment that both  8  BIS central bankers’ speeches  savers and investors can make informed decisions so that savings translate efficiently into productive investment. Every country that has got into a crisis in the last twenty-five years tells a story of excess – an excess carried to an unsustainable level and then an implosion.
Fast growth gained through an excess can be an allure because the signs of instability brewing in the underbelly are oftentimes not visible in real time. But when the implosion inevitably happens, the losses by way of lost growth and welfare can be monumental. 55. I want to emphasize the importance of a stable macroeconomic environment by referring to two of our big tasks.