But another fundamental cause is deregulation – the decision to put more emphasis on market mechanisms, whether in the move away from planned economies or in the liberalisation of existing market economies. In the financial sector regulators have to find a balance between direct control and allowing the market to find its own equilibrium.
As the old saying goes, a chick can hatch from its egg when the chick and its mother hen peck from inside and outside together. I hope that the external expectation for constructive reform, combined with our own internal efforts, help us break away from the existing framework and adapt swiftly to the changes of our time.