From this conclusion, it is obvious to see why the International Monetary Fund’s reaction was to focus on regulatory reform in the aftermath of the crisis, and significantly, this focus continues today. The most recent example is Turkey, where an economic crisis has highlighted the pressing need for the restructuring of state banks, a point the authorities are taking in hand and acting upon.
The rules monitored and enforced by both the central banks and the competition authorities are amongst the key pillars of the regulatory framework which are necessary to ensure the effective functioning of an economy. The competition authorities and the financial regulators are mutually responsible for regulating the structure of markets and the behaviour of the market participants.