But let me make just a few observations. First, I believe that there are several aspects of those reforms where the results are measurable and clearly positive. For example, I believe we can now safely conclude that the monetary policy framework put in place as part of that overall reform process has been hugely successful.
And I say that as someone who had only a small involvement in the original design of that framework. Am I saying that the framework guarantees against mistakes in the formulation and implementation of monetary policy? Of course not. No framework can do that.