4 This progress has not come at the expense of lending to the economy or increase fragmentation of financial markets Generally, the evaluation ﬁnds that the beneﬁts of the reforms signiﬁcantly outweigh the costs.
The evaluation looked at broader effects of reforms on the ﬁnancial system and on the real economy, and it looked at costs and beneﬁts from the social perspective, which is not the same as the perspective of the private sector. For example, successfully lowering implicit subsidies means higher funding costs for banks – but at the same time lower costs for taxpayers.