* Excluding the effect of NPL write-offs over the last year. 10 Total Corporate sector Household sector 0 I III I III I III I III I III I III I III I III 2010 2011 2012 2013 2014 2015 2016 2017 Source: NBS.
All this called for a major effort, at a national but especially at an international level, to adjust and strengthen the regulatory and supervisory financial framework. It has also suggested that central banks should rethink their role and their instruments. This I will attempt to review and assess in what follows.