I wish to start by acknowledging the contributions of H. Parker Willis, a leader in teaching economics and political science and a major contributor to the establishment of the Federal Reserve. I suspect he would be pleased to know that his contributions are remembered and that they have served national and academic interests so well.
The restructuring and recapitalisation of the banking sector have led to a significant improvement in the health of the financial system. Payment flows have normalised, while the domestic payment restrictions have been gradually lifted. The current account deficit of the balance of payments has almost been eliminated, from a peak of 15.6% of GDP in 2008.