While transparency is a necessary condition for market discipline, it is by no means sufficient on its own. In addition, market participants must have the ability and incentive to use the information. Especially in times of economic expansion, the incentive to acquire and use the information might be low as the general default risk remains relatively muted as long as the upward trend continues.
We have several examples of top class performance, and those involved can bear testimony to the wonderful spirit associated with these events. As we embarked on this journey, with the help of consultants skilled in the new technologies of management, we became aware that we had achieved something essential for the development of this country at our relatively advanced state of human development.