While it is necessary to add to the pace of growth, it is also equally important to minimize the risks of instability, and the experience shows that more than desirable pace of financial liberalisation was often followed by financial instability and crises. Avoiding crises is ultimately a national responsibility.
This point seems especially relevant in the current environment, where markets are again facing increased volatility and wider credit spreads in a context of high leverage – though to a much lesser extent than two years ago, for what we can see.