•  Second, emerging markets and advanced economies are now much more integrated than they used to be in the 1990s. The share of emerging markets in global trade and GDP has increased strongly. In addition, despite the build-up of domestic-currency bond markets, there is still considerable dependence on foreign funding as a large share of local currency bonds is held by foreign investors.
What should not and must not happen is irresponsible lending, disrespecting consumers’ rights, with the intention of taking opportunistic economic advantage of bank customers’ weaknesses and insufficient knowledge.