The financial system and the external sector also underwent fundamental reforms relating to strengthening of prudential norms and the supervisory system; operational flexibility of the banking sector; taxes and tariffs; exchange rate; and capital flows. The reforms aimed to bring competition to promote efficient markets that deliver growth, create wealth and reduce poverty. 13.
Ultimately, the danger is that large countries dictate deals to the others. That would be catastrophic. We need strong international institutions. And we again need a unified Europe. Because the weaker Europe is, the more dangerous it will be for us. 3/3  BIS central bankers' speeches