This is an issue that is receiving increasing attention on the G20 agenda. Conclusion  In closing, I would like to reiterate that public debt has an important role to play in financing development, particularly in augmenting government budgets. However, it should be clear that debt is not a replacement for domestic revenue mobilisation.
My own perspective is that a paradigm shift in supervision towards harnessing market forces will make a more significant contribution to promoting sound and efficient financial systems than simply changing regulatory structures within the same external regulation paradigm.