Yet, much should be done to shed light on the costs and benefits of each tool, on how to best calibrate the ones which are currently being used, and on how new, more effective, macro-prudential instruments, if needed, should be developed.
But it will not come about of its own without our active collaboration to build a market that inspires trust and confidence. It requires the cooperation and commitment of government as major issuer, of the financial regulators, of the tax authority, and you, the market players. Together we must build a public good that advances the welfare of all.