This needs to be driven by the Board and senior management with effective accountability at all levels. 15. In addition to a strong risk culture, banks and non-banks should also  have appropriate compliance culture. Cost of compliance to rules and regulations should be perceived as an investment as any inadequacy in this regard will prove to be detrimental.
Low interest rates have encouraged households to take on debt, and the elevated level of government debt is largely a legacy of stimulus policies pursued during the Great Recession of 2008–09. Now, there is less space, on average, across the G7 for more borrowing to stimulate demand.