I would like to mention two other important developments in this context. Firstly, the conventional thinking on capital controls has undergone a change with wide acknowledgement that capital controls can serve useful public purpose in certain circumstances.
The causes of the financial crisis have been well-documented and analysed and I don’t plan to review that discussion here. Suffice it to say that there is widespread agreement that the legacy of the crisis will be long-lasting with significant changes expected in the global financial landscape going forward. There is perhaps less consensus on what shape the new landscape will take.