This will not be easy—developments like the emergence of crypto-assets may challenge any framework—but that makes the goal of a robust framework all the more important. Evaluating the Effects of Reform Finally, let me turn to the FSB’s evaluation of the effects of reforms that have been implemented.
Compared to monetary and fiscal policies, the need to have strong financial stability policies started to gain prominence following the 2008 global financial crisis. In Seychelles, the existing financial stability framework has been in place since 2016. Over the past six years, its implementation has provided a steep learning curve for the relevant authorities.