For example, the internal market for frozen foods was able to survive the mis-selling scandal of 2013, when horsemeat was sold as beef, in large part because it was met with an improved food labelling and EU-wide inspection regime that restored trust.
Financial market innovations commensurate with the economic development and the needs of the real sector, if ignored, can push crucial markets outside the system and hence away from the reach of domestic regulations. Innovation also will not take off in the absence of a supportive culture, understanding and adequate resources to carry it forward.