14. Certainly, this has been made possible owing to mix of prudent and consistence monetary and fiscal policies, exchange rate flexibility – while managing to enact a comprehensive set of bold reforms, which mutually reinforce each other to bring in macroeconomic stability while nurturing stronger growth. 15. Growth has continued at a solid pace and remains among the highest in Emerging Market.
In a speech in February of this year, Sir Callum McCarthy, the head of the United Kingdom's Financial Services Authority (FSA), took issue with this interpretation. 1 Sir Callum confirmed that the FSA's approach is built on a framework of principles, although he noted that the FSA also has an 8,500-page rulebook to accompany the eleven principles it has laid out.