Second, an efficient and resilient financial system is an essential enabler to growth and inclusion. But, third and critically, markets only work well within sound policy frameworks. All markets – and financial markets in particular – need clear rules, diligent oversight, and consistent enforcement of the rules.
Systemic crises are not the inescapable product of capitalism, and inequality is not the necessary by-product of growth. BIS central bankers’ speeches  1  Central banks play an important role in supporting well-functioning markets by promoting both price and financial stability. These are essential public goods that sustain growth and mitigate cycles and inequality.