But even this was hard to foresee as a devastating problem. As a country moves away from under-developed financial “repression”,10 it is both inevitable and desirable that the depth of the financial sector increases - i.e. the balance sheets of financial institutions expand faster than nominal GDP. That said, of course there is an issue of “how much faster”?
Carlos da Silva Costa: Overview of economic and financial challenges for Portugal Address by Mr Carlos da Silva Costa, Governor of the Bank of Portugal, at the centenary of Crédito Agrícola Mútuo, Lisbon, 25 May 2011. *  *  *  The celebration of the centenary of Crédito Agrícola Mútuo (Mutual Agricultural Credit) is an appropriate timing: 1.