In order to prevent another financial crisis, each country should be well aware of this common objective in the first place. Efforts should then be made to organize an internationally consistent regulatory and supervisory framework. In making such efforts, we must be very cautious that the reforming of the financial regulatory and supervisory framework is conducted in a well-balanced manner.
When we talk about regulation and supervision, we should not confine the discussion within the sphere of regulation and supervision itself. We should rather keep our eyes on its wider context. When we embark on regulatory and supervisory reform, I believe, it is very important to strike the right balance in a number of dimensions as follows.