Moreover, there is a growing consensus of opinion that macro-prudential policies should be put in place to enhance the soundness of financial institutions’ behavior and ease the procyclicality of foreign capital flows.
In the aftermath of the global financial crisis, there have been a series of discussions on improving systems, regulatory policies and market structure, and progress has been made in terms of financial regulation such as the adoption of BASEL III. However, we still have many tasks to deal with.