We would turn the clock back, lose benefits of integrated markets. Second, we could just accept the risk of financial instability and periodically pay the price. Or, finally, we could work to create a banking union, with better suited institutions and systems for single supervision and resolution. Only the last one of these is acceptable.
With a scrupulous attitude, he has long conducted research on theoretical and empirical issues of China’s money, banking, price, public finance and macroeconomic development, etc. His research work has been essential to the development of fiscal and finance research framework and the evolution of financial theory study in China.