3 The concept of “complete markets” is, in my view, a useful, aspirational, and theoretical construct, even though perfectly complete markets, in which every agent is able to costlessly trade claims on every state of the world, represents an unachievable goal. After all, the fundamental departures from the complete markets paradigm – transactions costs and asymmetric information – will never vanish.
Other issues Besides the issues concerning the ACU mechanism which I have just mentioned, perhaps this august gathering can deliberate on other issues like the overall economic development of the region. The global economy is clouded by uncertainties. The major economies of the world are plagued by sluggish growth and are searching for ways to improve their performance.