In Pakistan, the state of financial system is marked by low deposit to GDP ratio, account ownership, and bank assets. The credit to private sector in the country is also low compared to peer economies, as is the coverage of credit bureaus' optimal use,  1/3  BIS - Central bankers' speeches  which can potentially transform the country's financial system landscape.
We must take an institutional leap and turn the European Stability Mechanism into a European Monetary Fund, so as to put in place a specialised entity to manage imbalance situations that a Member State may have to overcome.