The more complex aspects of legal and accounting measures were ushered in subsequently when the basic tenets of the reforms were already in place. A unique feature of the reform of public sector banks, which dominated the Indian banking sector, was the process of financial restructuring. Banks were recapitalised by the government to meet prudential norms through recapitalisation bonds.
In an ideal world, if we could understand and model why you decided to have latte instead of espresso this morning, it could be possible to design an automatic stabilizing mechanism for the economy, and central banks would become only a chapter in economic history books.