Market participants, particularly banks, will have to prepare themselves to manage the business process changes and the global risks associated with capital convertibility. The regulator’s job is somewhat different. As someone once said, the job of a regulator is like the gas regulator in the kitchen - it cannot ensure the quality of the dish, but it can prevent the kitchen from blowing up.
The last fifteen years have been a period of consolidating the gains of the early 1980s and extending them to their logical end -- the achievement of price stability. We are not quite there yet, but we trust it is on the horizon.