6  BIS central bankers’ speeches  Key issues and road ahead Going forward, the issue in our context is not really about the limited context of capital flows but a more fundamental one of the capital account management architecture which is responsive to the needs of the real economy and maintaining financial stability.
The issue of opening up of the capital account fully has become, so to speak, the last frontier in reforming the financial sector. In some quarters, the capital account constraint has come to be perceived as impacting other elements, particularly the development of markets.