It shifted the debate, from the strategy and timing for capital account convertibility, to questioning the very imperative for capital account convertibility. BIS central bankers’ speeches  1  •  In other words, the consensus that every country should eventually move towards a fully free capital account is now broken.
These concerns pertain to the rapid technological, financial, and institutional changes that are rendering the regulatory capital framework less effectual, if not on the verge of becoming outmoded, with respect to our largest, most complex banking organizations.