That leaves aside the question of the capacity for effective macroprudential supervision, an issue we will take up as we begin to discuss the optimal conduct of monetary policy in the wake of the crisis, given the heightened attention of monetary policymakers to the importance of maintaining financial stability.
In the case of China it is now 65 per cent and will fall gradually to around 55 per cent by 2050. India, Indonesia and other Asian countries will remain between 60 and 65 per cent until around 2050.