Keynote remarks delivered in Armonk, New York on 8 April 2016 at the Harvard Law School Symposium on Building the Financial System of the 21st Century: An Agenda for Europe and the US. BIS central bankers’ speeches  3  efficiency of a financial system – but that’s what further development of an already advanced economy is about.
The problem with the current simple measure mirrors the problem with the political reality: a simple measure enables researchers to build great data sets and publish papers. Likewise, a finance-led growth strategy enables policymakers to create a simple political narrative and win support for a campaign or a specific policy action.