But it is generally accepted that the two central elements of the crisis are large macroeconomic imbalances stemming from diverging competitiveness levels, and unsustainable levels of public debt. 2  The root causes of the crisis: macroeconomic imbalances and over-indebtedness  No lasting solution to the crisis will be achieved unless these root causes are tackled.
Our main challenge is to strike a balance between promoting and enabling a policy and regulatory environment for emerging financial innovations and ensuring consumer protection, security, and financial stability. We aim to establish a forward-looking approach to ensure that regulatory and supervisory frameworks are in tune with emerging trends and developments.