I need not explain to this audience why the maintenance of strong capital positions is critical to the preservation of a safe and sound banking system. Indeed, ensuring strong capital has been a cornerstone of bank supervision for decades.
Well-functioning public administration improves the operation of markets and competition, reduces firms’ costs, and is reflected in the quality and cost of public services and thus on the tax burden. The efficacy of the reforms depends on it.” 22. These policy actions should not be eluded.