Second, the role of financial system stability cannot be undermined. It is critical to have a well-functioning financial system through which money would go to support productive economic activities. In this context, we have pursued various macroprudential policies to help navigate economic uncertainties in 2013. 18. Third, macroeconomic policies alone are not sufficient.
The dynamics in 2013 also taught an important lesson about the role of structural reform in sustaining economic growth. Without effective structural policy, an external shock would always require substantial adjustment in the demand side that will only intensify boom-and-bust cycle in the economy. Economic outlook and risk Ladies and Gentlemen, 19.