Back in 2010, the Seoul Summit of the G-20 committed to “core elements of a new financial regulatory framework (…) as well as measures to better regulate and effectively resolve systemically important financial institutions, complemented by more effective oversight and supervision.” This included the endorsement of Basel III rules on banking supervision, which, among others, raised the quality and quantity of bank capital and liquidity, and constrained the build-up of leverage and maturity mismatches.
Furthermore, the government proceeded with fiscal consolidation and structural reforms as well as other measures which were introduced (notably extensive privatization) as a necessary complement to the anti-inflationary exchange rate policy. These policies underpinned the improvement in the functioning of the economy and gave a significant boost to business confidence.