We had to learn the hard way that sophisticated financial markets are also prone to exuberance and contraction phases which hamper their proper functioning. We thus have to ask ourselves some difficult questions on how these markets can function better and better serve economic development.
Before getting to the main topic of my speech today, which concerns the size of financial markets, let me say a few words about some recent events in European financial markets, which may be of interest to you, also to underline how complex and sometimes irrational these markets tend to behave.