This is no longer the policy of small steps; this time the bar has been set very high. Now the reforms need to be implemented and supported by the public. We can also pay tribute to having the courage to carry out reforms while the recovery is under way and the efforts no longer seem absolutely essential.
Against this apparently favourable economic background, innovation was rapidly taking place in financial markets. This was perceived by most observers as a positive development, on balance, because it enabled a better and wider distribution of risk.